Representatives of Accounting Standard-Setters of Hong Kong and Japan Hold Meeting

 (HONG KONG, 6 July 2021) Representatives of the Hong Kong Institute of Certified Public Accountants (HKICPA)—Hong Kong's accounting standard-setter—and the Accounting Standards Board of Japan (ASBJ) met on 5 July 2021. This was the third bilateral meeting between both bodies. The meeting was held as a virtual meeting due to the novel coronavirus (COVID-19) pandemic.

At this meeting, representatives of the HKICPA and the ASBJ provided updates on their respective activities and discussed agenda items in which both bodies have common interest including the accounting for goodwill, the accounting for business combinations under common control, and the IASB’s third agenda consultation.

The HKICPA and the ASBJ agreed to continue holding bilateral meetings.

Ernest Lee, HKICPA's Chairman of the Financial Reporting Standards Committee, stated, “It was a pleasure to meet with the ASBJ and continue the beneficial dialogue between our organizations. Maintaining this collaborative relationship through the pandemic has been important, and this meeting has been an excellent opportunity to engage constructively on a number of meaningful issues of mutual interest. I trust that we will maintain our collaboration and work towards high-quality financial reporting.”

Atsushi Kogasaka, Chair of the ASBJ, stated, “Although the meeting was held remotely unlike the previous meeting, I am pleased that we were able to discuss the various topics of common interest including the accounting for goodwill and deepen our understanding of our respective views. We think it is important to maintain our constructive relationship between the HKICPA and the ASBJ even under difficult situations to improve the quality of international accounting standards.”