The Business Accounting Council approved a roadmap for the adoption of IFRS in Japan that allows for early adoption this year, and proposes mandatory adoption of IFRSs from 2016.
The key advisory body to the Japanese FSA, the Business Accounting Council, approved a roadmap for the adoption of International Financial Reporting Standards in Japan.
The roadmap still requires the formal approval of the FSA which is expected to take place by the end of the month.
The roadmap permits early adoption of IFRSs by listed companies for fiscal years beginning 1 April this year and proposes mandatory adoption of IFRSs from 2016, subject to a final decision being taken by 2012.
FSA press release
IASB press release
Summary of the interim report
© FSA Japan
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