Japan will urge London to continue to allow Japanese GAAP
26 Jan 2004
Today's issue of the Yomiuri Shimbun, Japan's main business newspaper, has Reported that representatives of Japanese business organisations will go to London to try to convince the UK Financial Services Authority (FSA) not to go ahead with its proposal to require foreign companies listed on the London Stock Exchange to prepare financial statements using only US GAAP or IFRS.
"With the introduction of IAS..., there will be consistency amongst all EU listed issuers that produce consolidated accounts. We believe that it is in the interests of investors for there to be consistency between all equity issuers with primary listings. So, we propose that overseas non-EU issuers should be required to report in either IAS or US GAAP." |