Japanese government wants to push use of IFRSs in Japan

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01 Jul 2015

On 30 June, the Cabinet in Japan adopted a revised 'Japan Revitalisation Plan' summarising the nation's growth strategy and policy. Among many other measures IFRSs are included in the document.

The document states that two policy measures will be taken to promote further IFRSs adoption by Japanese companies:

  • Developing/improving material that may be useful to companies adopting IFRSs, based on recent disclosure examples; and
  • Raising awareness around the IFRSs adoption situation by providing an analysis of disclosures by public companies on their choice of accounting standards (a disclosure required by the Tokyo Stock Exchange).

While the two measures may not particularly strong in themselves, a continued support for IFRS by the highest level of the government does create a comfortable environment to those who are willing to adopt.

The revised revitalisation plan is available on the Japanese government's website (document available in Japanese only).

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