Information about Japanese accounting standards

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24 Apr 2004

The European IFRS regulation requires that companies based in Europe and trading in European public capital markets must prepare IFRS financial statements starting in 2005. One of the issues left to national securities exchanges and regulators is whether to impose the IFRS requirement on companies from outside Europe that are listed on European exchanges.

The British securities regulator has proposed to allow non-UK companies to submit only IFRS or US GAAP financial statements (see our news stories of 26 and 27 January 2004). Three Japanese groups (securities regulator, accounting standard setter, and professional accountancy body) have issued a nine-page electronic document Evolving Japanese GAAP: High Quality Accounting Standards to make the case that "Japanese GAAP is equivalent to IFRS" and, therefore, should be allowed. Click to Download (PDF 590k).

Correction list for hyphenation

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