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Japanese Board member writes about 'Expectation of Japan'

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29 Jan 2015

IASB member Takatsugu Ochi has published an article in KEIRIJOUHOU, an accounting journal issued by Chuokeizaisha. He writes about ASAF, Japanese contributions to the Conceptual Framework and the post-implementation review of IFRS 3 and adoption of IFRS in Japan.

The article opens with a reflection on the Accounting Standards Advisory Forum (ASAF), which the Accounting Standards Board of Japan (ASBJ) is a member of. Mr Ochi explains that since the IASB has switched to an 'all-participating-type' of standard-setting, the ASBJ has contributed well-received papers on Is OCI Unnecessary? and Should Goodwill still not be Amortised? - Accounting and Disclosure for Goodwill.

Mr Ochi also points out that Japan is sending several staff to support the organisation, including actively supporting the IASB's Asia-Oceania office. This, to Mr Ochi, is another point supporting the statement that the IASB's standard-setting has become 'all-participating' and that Japan is using the opportunity.

At the same time, Mr Ochi claims that to regard Japan as an outsider should become an attitude of the past vis-à-vis Japan's ongoing expansion of the use of IFRSs. He states:

Japan, who is promoting the expansion of the voluntary application of IFRS and who is one of the countries that actually uses IFRS, has begun participating in standard-setting with its feet on ground, taking root from practical experiences. 

Please click for access to Mr Ochi's article on the IASB website.

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