Representatives of the OIC and the Accounting Standards Board of Japan (ASBJ) met on 18 April 2018 in Rome, Italy.

At this meeting, the OIC and the ASBJ both provided updates on their respective activities and exchanged views on the opportunities for cooperation. As for the technical topics, the OIC and the ASBJ discussed preliminary views on the EFRAG Discussion Paper “Equity Instruments-Impairment and Recycling” and IFRS implementation issues including revenue recognition, leases, financial instruments and insurance contracts. In addition, the OIC and the ASBJ discussed the other issues in which both parties have interest, including virtual currencies and application of IFRSs in separate financial statements.

Please find attached the press release.