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Importance of global accounting standards and increase in voluntary IFRS application in Japan

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28 Oct 2014

At the 2014 World Federation of Exchanges (WFE) General Assembly & Annual Meeting, Mr. Masamichi Kono, Vice Minister for International Affairs of the Japanese Financial Services Agency (FSA) and Chair of the Monitoring Board of the IFRS Foundation, touched today on the importance of a single set of high quality global accounting standards. In a parallel development, Japan's Business Accounting Council (BAC) met today to review the state of use of IFRSs in Japan.

In his keynote speech, Mr Kono shared some of his thoughts on the importance of capital markets in finance for growth, and the critical role that exchanges can and must play in the global capital marketplace. He stressed: "Efforts for strengthening corporate governance and work towards convergence of accounting standards with the ultimate goal of achieving a single set of high quality global accounting standards should be an increasing focus of attention for exchange operators."

Japan's BAC, which concluded its deliberations about the use of International Financial Reporting Standards (IFRSs) in Japan by publishing a final report in June 2013 recommending greater, but not mandatory, use of IFRSs or IFRS-based standards, met again to review the state of use of IFRSs in Japan. There was no substantive decision made, however, the BAC reaffirmed the aim to increase voluntary adoption of IFRSs in Japan and announced that additional measures to this efffect would be considered by the BAC.

The following information is available on the FSA website:

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