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Japan's BAC resumes deliberations on IFRS

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03 Oct 2012

The Business Accounting Council of Japan (BAC) met on 2 October 2012 to resume its deliberations over the possible use of IFRSs in Japan. This BAC meeting was the first one after the issuance of the interim discussion paper on 2 July. No consensus was formed at the session.

During the session, BAC member reviewed and exchanged views on developments around IFRS since the last BAC meeting in June. Matters reviewed include 1) the final report by the U.S. SEC Staff issued in July, 2) recent IASB activities, and 3) responses to Invitation to Comment on IASB/IFRS IC due process handbook. On future courses, a FSA official commented that matters identified in the interim discussion paper would be continued to be considered in future. It was clarified that such matters include identification of acceptable/unacceptable requirements in IFRSs and accumulation of voluntary use of IFRS, leading to evaluation of merits and issues in using IFRS, among others. The official also mentioned that additional understanding of effects in countries that adopted IFRS such as Canada and Korea would be obtained.

The handouts for the meeting as well as minutes are expected to be posted to the FSA website (Japanese only).

The next session is yet to be scheduled.

Click for our previous article on the BAC's interim discussion paper on IFRS.

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