Another step toward IFRSs in Japan

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03 Jul 2009

Four key Japanese accounting and business groups have jointly proposed to create an IFRS Council that would work to implement a plan for adopting IFRSs for listed companies in Japan.

The plan was published in an Interim Report of the BAC. The four groups are the Accounting Standards Board of Japan and its oversight foundation; Japanese Institute of CPAs; Tokyo Stock Exchange; and Japan Business Federation (Nippon Keidanren). The IFRS Council would be responsible for identifying the various issues involved in implementation of IFRSs in Japan and for establishing overall policies and strategies. It would have the following committees:
  • Strategic Committee for IASB Assuming that Japan moves towards IFRS adoption in the near future, this committee would deliberate upon a 'strategy and specific actions as to how best to influence developments of major accounting standards'.
  • Education and Training Committee Establish and implement an education and training system for IFRSs mainly for accounting practitioners.
  • Translation Committee Establish a system to promote an accurate Japanese translation of IFRSs.
  • Committee for Separate Financial Statements Deliberate on how separate financial statements can be simplified, given the current focus on consolidated financial statements.
  • Public Relations Committee Oversee communications to a wide range of stakeholders, including investors, company executives, analysts, and the media.
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