Japanese plan for convergence toward IFRSs

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24 Oct 2006

The Accounting Standards Board of Japan (ASBJ) has released its Project Plan Concerning the Development of Japanese Accounting Standards to explain the status of its initiatives toward convergence with IFRSs.

The plan has been developed, in part, in response to the June 2005 Report to the European Commission from the Committee of European Securities Regulators (CESR) (PDF 1,063k), which identified 26 matters for which 'remedies' should be required if the European Commission decides to continue to allow Japanese companies to trade on European securities markets using financial statements prepared in conformity with Japanese accounting standards. The ASBJ's plan outlines the work planned to be achieved through the end of 2007 and the anticipated convergence status as of the beginning of 2008 for each of the 26 issues identified by CESR. The ASBJ has also released a Table Summarising the Project Plan (PDF 62k) as an attachment to its overall project plan.
Click for full Project Plan (PDF 107k).

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