.jpg)
On June 20, 2013, the Business Accounting Council of the Financial Services Agency issued a report on the use of IFRS in Japan.
The report reiterates Japan’s commitment to the goal of a single set of high quality global accounting standards, and recommends the following steps:
-
i) to encourage further application of IFRS in Japan, eliminate existing two requirements (being a listed company and having a subsidiary of material size abroad) limiting companies eligible to use the IFRS;
-
ii) while continuing to allow the use of the IFRS as issued by the IASB, introduce an additional set of standards identical to IFRS with limited modifications, and
-
iii) simplify disclosure requirements on the non-consolidated single-entity financial statements.
(Attachment) Report of the Business Accounting Council(Japanese version) (PDF:203KB)
(Note) Currently, only the Japanese version is available. The English version will be posted shortly.
