The International Accounting Standards Board and the Accounting Standards Board of Japan have agreed to launch a joint project to reduce differences between international financial reporting standards and Japanese accounting standards.

The two boards started talks about a joint project back in October 2004. Under the agreement, the boards said that they will identify and assess differences in their existing standards on the basis of their respective conceptual frameworks or basic philosophies, with the aim of reducing those differences where economic substance or market environments such as legal systems are equivalent. In addition, the boards said that they will address the differences in their respective conceptual frameworks later in the project, as a separate subproject, and will consider their respective due process requirements in arriving at agreement.

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