What's New (Apr, 2007)
JICPA responded to IAASB Proposed Pronouncements
April 26,2007
On March 30th, 2007, The JICPA submitted comments on Exposure Drafts of International Auditing and Assurance Standards Board (IAASB);
JICPA responds to Exposure Drafts of IPSASB
April 26,2007
On March 29, The JICPA submitted comments on Proposed Amendment to International Public Sector Accounting Standard, "Presentation of Budget Information in Financial Statements", and "Disclosure of Financial Information about the General Government Sector".
JICPA's comment letters to the IPSASB can be obtained
http://www.hp.jicpa.or.jp/english/images/e-20070329-01.pdf
(PDF · 10P · 138.5KB)
JICPA responded to IAESB Proposed Pronouncements
April 26,2007
On March 29,2007, The JICPA submitted comments on Exposure Drafts of International Accounting Education Standards Board (IAESB);
Practical Experience Requirements-Initial Professional Development for Professional Accountants
Practical Experience Requirements-Initial Professional Development for Professional Accountants(PDF · 15.6KB)
ASBJ releases Accounting Standards for Lease Transactions and its Implementation Guidance
April 26,2007
The Accounting Standards Board of Japan (ASBJ) released Accounting Standards for Lease Transactions and Implementation Guidance on Accounting Standards for Lease Transactions on March 30, 2007. The standards and the guidance will become effective from periods beginning on or after April 1, 2008, but earlier application is permitted.
ASBJ releases Implementation Guidance on Disclosures about Certain Special Purpose Entities
April 26,2007
The Accounting Standards Board of Japan (ASBJ) released Implementation Guidance on Disclosures about Certain Special Purpose Entities on March 29, 2007. As an interim measure, the implementation guidance requires companies to disclose a description of SPEs, description and amounts of transactions etc. where they are presumed not to be a subsidiary.
The ASBJ and the IASB Held the Fifth Meeting on Joint Project Aiming towards Convergence
April 26,2007
On March 27 and 28, 2007 in Tokyo, the Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) held their fifth joint meeting toward the final goal of achieving convergence between Japanese GAAP and International Financial Reporting Standards (IFRSs). For more details concerning this meeting, please visit the ASBJ website.
Business Accounting Council Issues the Review Standards for Quarterly Financial Statements
April 26,2007
The Business Accounting Council (BAC), an advisory body of the
Financial Services Agency of Japan, approved at a council meeting on
March 27, 2007, the opinion statement on the Review Standards for
Quarterly Financial Statements, which was published immediately.
The Financial Instruments and Exchange Law, enacted in June 2006,
requires listed entities to submit a quarterly report from periods
beginning on or after April 1, 2008, and quarterly financial statements
published in quarterly reports to be reviewed by CPAs or audit
corporations.
These standards will become effective for reviews of quarterly
financial statements for periods beginning on or after April 1, 2008.
ASBJ releases Accounting Standard for Quarterly Financial Reporting and its Implementation Guidance
April 26,2007
The Accounting Standards Board of Japan (ASBJ) released Accounting Standard for Quarterly Financial Reporting and Guidance on Accounting Standard for Quarterly Financial Reporting on March 14, 2007. The standards and the implementation guidance will become effective from periods beginning on or after April 1, 2008, in line with the implementation of quarterly reporting requirements under the Financial Instruments and Exchange Law.
Issuance of Auditing Standards Committee Statement No. 36, conforming changes of Auditing Standards Committee Statement No. 17, Auditing Standards Committee Statement No. 30, and Quality Control Standards Committee Statement No. 1
April 26,2007
The Auditing Standards Committee issued Auditing Standards Committee Statement No. 36 of the "Audit Documentation," revised Auditing Standards Committee Statement No. 17 of the "Semi-Annual Audit," and revised Auditing Standards Committee Statement No. 30 of the "Auditor's Procedures in Response to Assessed Risks" on March 16, 2007.
The Quality Control Standards Committee issued a revised Quality Control Standards Committee Statement No. 1 of the "Quality Control for Firms that Perform Audits" on the same date.
The revisions are conforming changes, as the Auditing Standards Committee Statement on the "Audit Working Papers" is superseded by Statement No. 36.
The above statements will become effective for audits for periods beginning on or after April 1, 2007.
The above statements are available in Japanese only. For further information on the auditing systems and auditing standards issued by the BAC, and auditing standards committee statements issued by JICPA, click here.
Vision Paper the Way Forward for JICPA
April 26,2007
JICPA approved the paper "Vision Paper - the Way Forward for JICPA" on March 1, 2007. JICPA issued this paper with the aims of assessing the policies implemented by the present executives of the institute under Chairman and President Mr. Fujinuma, reaffirming the direction of its operations, and helping the succeeding executives take over those policies and the direction of operation. The vision paper was drawn up in order to demonstrate the way forward for the JICPA to not only members but also to the public. The document is available in Japanese only.
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