Comments on the "Application of International Financial Reporting Standards (IFRS) in Japan (Draft Interim Report)"
May 29, 2009
On April 6 2009, the JICPA submitted comments on the "Application of International Financial Reporting Standards (IFRS) in Japan (Draft Interim Report)" issued by the Financial Services Agency (FSA).
Our comments highlighted that:
- we appreciate that the FSA announced its position as to the possible use of IFRS by Japanese companies, given the current uncertain economic circumstances;
- the optional application of IFRS should be permitted from the fiscal year ending in March, 2010; and
- the mandatory compliance date should be clearly defined.