IFRS convergence in Japan

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02 Aug 2006

The Business Accounting Council – an advisory panel of experts to the Financial Services Agency (FSA) of Japan – has released a statement titled (PDF 31k).

FSA is Japan's securities regulator. The statement encourages continued improvements of Japanese accounting standards so that those standards will be deemed equivalent to IFRSs by the European Commission. A favourable equivalence decision would allow Japanese companies to continue to prepare financial statements using Japanese accounting standards for the purpose of raising capital in European public capital markets.

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