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IASB member speaks on Asian IAS issues

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15 Dec 2001

IASB member Tatsumi Yamada, who is from Japan, spoke on 13 December in Beijing at an International Symposium on Accounting Standards sponsored by China's Ministry of Finance.

He said that "Asia needs to develop a unified strategy on how we should deal with the IASB". The IASB is "Anglo-Saxon dominated -- 10 Board members are Anglo-Saxon.... The Americans want to change IAS to be like US GAAP". A key focus of the symposium was on how Chinese Accounting Standards should take IAS into account. Addressing how Japan is doing that, Mr. Yamada said that "Japan has adopted some IAS principles in Japanese GAAP, and the Japanese securities commission is considering allowing IAS financial statements for foreign companies." However, Mr. Yamada said, a major concern of the securities commission is whether and how the Japanese government can enforce proper application of IAS on foreign companies and, if there is some failure in the IAS financial statements of a foreign company, what remedies are available in Japan.

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