The report proposes the use of IFRS on a voluntary basis from 2010 onwards, and the mandatory use of IFRS around 2012. Opponents of the Report demand a clear statement about the exact timing.
The Financial Services Agency of Japan consults on a draft interim report on the “Application of International Financial Reporting Standards in Japan”.
The report proposes the use of IFRS on a voluntary basis for the consolidated financial statements of certain listed companies starting from the fiscal year ending March 31, 2010. However, the decision needs to be made after assessing various factors.
The decision regarding the mandatory use of IFRS could be made around 2012. However, this timing could be moved either forward or back depending on various factors and the situation of the implementation of the use of IFRS on a voluntary basis.
Some members of the Planning and Co-ordination Committee of the Business Accounting Council expressed strong opinions about the content of the Report, saying that the prospects for the mandatory use of IFRS as well as the timing of the decision and the application should be clearly stated.
The consultation started on 4 February. Deadline for comments is 6 April 2009.
Draft Interim Report
Press release
© FSA Japan
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