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Japan's new Accounting Standards Board is in place

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25 Aug 2001

A consortium of 10 private sector organisations, including Keidanren, JICPA, and the Tokyo Stock Exchange, have created a new Japan Accounting Standards Board (ASB) and related oversight foundation known as the Financial Accounting Standards Foundation (FASF).

Thirteen persons were appointed to ASB, of whom three serve full time. An Advisory Council will also be created. The organisation is expected to be self-funding through membership fees. Stated objectives:

The objectives of the FASF are to promote progress of corporate finance disclosure and soundness of the capital markets in Japan by developing generally accepted accounting standards. The FASF will also contribute to the development of a high quality set of internationally accepted accounting standards.

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