| March 7,2008 |
| A delegation led by Mr. Hiroshi Endo, Managing Director of the Financial Accounting Standards Foundation (FASF) along with Mr. Takehiro Arai, Board Member of the Accounting Standards Board of Japan (ASBJ) and Mr. Kazuhiro Shimada, Accounting Standards Board of Japan (ASBJ) had visited The Institute of Chartered Accountants of India and had met CA Ved Jain, President, CA Uttam Prakash Agarwal, Vice –President, Dr. Ashok Haldia, Secretary, Dr. Avinash Chander, Technical Director on 5th March 2008 at ICAI Bhawan, New Delhi to exchange their views and discuss on the joint approach to be adopted by Japan and India as both countries have agreed for Convergence of their Accounting Standards to IFRS by 2011. Japan has agreed for the adoption of IFRS by 30 June 2011 while the ICAI in India has decided to adopt IFRSs by 1 April 2011 subject to approval by the Government and the regulators. |
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The efforts of ASBJ in relation to the Tokyo Agreement with the IASB to remove differences between the Japanese GAAPs and IFRSs and the ICAI efforts and Work plan to adopt IFRSs were highlighted in detail during the meeting.The substantive issues in process of adoption were deliberated and given the fact that both the countries have similar concerns related to adoption of IFRSs, in the respective countries, it was decided to work closely for adoption of IFRS, including influencing International Accounting Standards Board in meeting the concerns of the two countries, so said CA Ved Jain, President, ICAI.
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