In December 2006, the ASBJ agreed to issue Discussion Paper on Conceptual Framework.
Many have asked what is conceptual framework in Japan. The Paper states that it enhance communication with standard-setters in the world.
The Paper has contents similar to IASB/FASB conceptual framework: objectives of financial reporting; characteristics of accounting information; elements of financial statements; and recognition and measurement in fiancial statements.
The Paper is an exposure document, because the IASB and the FASB are now reviewing their concept statements toward setting a common set of framework and the ASBJ intends to continue its discussion on the conceptual issues.
I will discuss the Paper in detail here.