What's New (Feb, 2007)

February 26,2007

The Accounting Standards Board of Japan (ASBJ) released for public comment the Exposure Draft of Proposed Amendments to Accounting Standard for Lease Transactions (Exposure Draft of Statement No. 17)and the Exposure Draft of Proposed Amendments to Guidance on Accounting Standard for Lease Transactions (Exposure Draft of Guidance No. 21) on December 27, 2006.
The Accounting Practice Committee of the JICPA deliberated and submitted comments on these Exposure Drafts to the ASBJ on January 29, 2007.
The document is available in Japanese only.

February 26,2007

On January 17, 2007, the 6th JICPA-CICPA Annual Conference was held in Japan at the head office of JICPA. Six delegates, including Mr. Liu, the president of CICPA, visited JICPA. Five members of JICPA, including Mr. Fujinuma, JICPA chairman and president, and Mr. Yamazaki, the deputy president, attended the conference. They exchanged views on developments in accounting and auditing in each country.

February 26,2007

JICPA published a report on the overview of the activities of the Quality Control Committee from April 1 to September 30, 2006.
According to the report, some deficiencies were identified as qualified conclusion matters in audit firms for which quality control reviews have been completed in the first half of the year that were related to audits based on risk assessment and engagement quality control reviews for expressing an audit opinion. In addition, there were four particular cases that the Quality Control Committee reported to the chairman and president. These were cases where substantial doubt regarding the appropriateness of an audit opinion expressed by a sole practitioner or an audit corporation was identified or regarding the compliance of a sole practitioner or an audit corporation with the Constitution and regulations. These were discovered as a result of a quality control review.
The document is available in Japanese only.

February 20,2007

On February 15th, 2007, The JICPA submitted comments on Exposure Drafts of International Auditing and Assurance Standards Board (IAASB);

	ISA 260 (Revised), "Communication with Those Charged with Governance" http://www.hp.jicpa.or.jp/english/news/files/e-20070215-01.pdf  (PDF17KB)
	ISA 320 (Revised), "Materiality in Planning and Performing an Audit", and ISA 450, "Evaluation of Misstatements Identified during the Audit". http://www.hp.jicpa.or.jp/english/news/files/e-20070215-02.pdf (PDF22KB)