Japan CPAs support IFRSs for listed companies
04 Sep 2008
The Japanese Institute of Certified Public Accountants has announced that it supports allowing listed companies in Japan to use International Financial Reporting Standards.
This marks a significant change of policy for the JICPA, which previously had favoured maintaining separate Japanese accounting standards for listed companies and converging those standards with IFRSs.
The JICPA said that the US SEC's Proposal to phase in IFRSs for public companies in the United States triggered its change of position. The new policy can be found in a news release on the JICPA Website in Japanese (not yet on their English pages).