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First meeting of the newly created Accounting Committee in Japan

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17 Dec 2014

On 15 December 2014, the newly created Accounting Committee of Japan's Business Accounting Council (BAC) held its first meeting. The Committee role is to deliberate accounting matters in order to promote further use of IFRSs in Japan and to strengthen the Japanese voice in the future development of IFRSs.

The first meeting was dedicated to assessing the current situation regarding the use of IFRSs in Japan and to discussing related activities by the Japanese standard-setter ASBJ and by Japanese stock exchanges. No decisions were made at the meeting and a future direction of the activities of the Committee did not emerge. However, during the meeting, the representative of the Financial Services Agency of Japan (FSA) confirmed the intention of expanding the use of IFRSs in Japan, reiterated support of the current direction of promoting further voluntary use of IFRSs (this is backed by a decision of the National Cabinet), and hinted that Japanese GAAP may be a topic for future discussions.

More information including the access to the meeting papers is available on the FSA website (in Japanese).

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