There is now an urgent need to seriously consider ways to adopt IFRS also in Japan, JICPA states and calls for more involvement in the standard setting by the IASB.
JICPA issued a summary of the report on the findings it made during the visit to the EU to explore the experiences and challenges in the shift to IFRS.
“We believe that there is now an urgent need to seriously consider ways to adopt IFRS also in Japan”, JICPA states. It is essential for Japan to seek more involvement in standard setting by the IASB, and to establish various channels for such involvement, they state.
Further issues to be addressed in Japan:
• It would be appropriate to give listed companies the option of using IFRS only for their consolidated financial statements, while Japanese GAAP remain to be used for non-consolidated financial statements.
• An IFRS implementation roadmap for Japan should be drafted based on discussions among constituencies and promulgated to the public.
• Education and training on IFRS are indispensable
Full report
© JICPA - Japanese Institute of Certified Public Accountants
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