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Business Accounting Council of Japan meets a second time to discuss IFRS

29 Aug 2011

Following on from an earlier meeting on 30 June 2011, the Business Accounting Council of Japan (BAC) met on 25 August for the second time to continue discussions on IFRS in the presence of the Japanese Minister for Financial Services.

The meeting did not result in any clear consensus or decisions.

During the meeting, a two-page discussion paper proposing an approach for future consideration at the BAC was presented. The paper included general aspects of the approach as well as 11 specific items as primary items that warrant consideration:

  • General aspects: 1) wider implications of accounting are to be considered, 2) consideration should be careful and sufficient time be spent, incorporating hearing from the wider constituency and an analysis of the foreign situation, and 3) development of strategic thinking and overall design from the perspective of the Japanese national interest
  • Specific aspects: 11 primary items for future consideration, which may change during the course of consideration, are 1) overall design of accounting standards/disclosure system in Japan, 2) analysis of foreign situations/diplomatic policy and international demand, 3) accounting that contributes to economic activities, 4) impact of principle-based accounting standards, 5) impact on regulatory environment (industry regulation, public procurement), legal/contract environment, etc., 6) nonpublic and medium to small companies, 7) investor-issuer communication, 8) impact on auditors, 9) voluntary early adoption, 10) national accounting standards setter (ASBJ), and 11) governance over the IASB.

Members of the Council responded to the proposal with divergent comments.

The next session of the BAC is yet to be scheduled. Click for:

 

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