This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

New plank of Japanese growth programme includes promotion of further voluntary use of IFRSs

  • Japan Image

25 Jun 2014

The Japanese government has finalised another plank of the so-called 'Abenomics' platform intended to boost growth in Japan. It includes steps to promote further voluntary use of IFRSs in Japan.

Chapter 5-2 of the document devoted to the activation of financial and capital markets and investments includes the following three specific policy statements:

  • further promotion of voluntary use of IFRSs in Japan by the Cabinet to increase the number of IFRS adopters, toward the goal of the single set of high quality accounting standards mandated by G20 back in 2008;
  • implementation of additional measures by the Cabinet such as issuing a report summarising early adopters' experience of implementing IFRS for use by followers;
  • encouragement of listed entities at the Tokyo stock exchange to explain their basic thinking as to the choice of accounting standards (e.g. whether IFRSs are to be adopted) to their investors.

The policy may not produce rapid and drastic changes, but demonstrates clearly that the Japanese government supports the goal of a single set of accounting standards.

The policy statement is available on the Japanese government's website, the comments regarding IFRSs are on page 78 (document available in Japanese only).

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.