What's New (May, 2007)

May 25,2007

On May 16, 2007, the JICPA issued Management Advisory Service Research Committee Research Report No. 28," Proposals concerning non-financial CSR disclosures, with particular reference to KPIs relating to corporate value.(Summary)"This is a report of a study into future CSR reporting taking into consideration current and possible future mandatory requirements on CSR reporting.

JICPA's comment letter can be obtained at:

http://www.hp.jicpa.or.jp/english/news/files/2-3-28-0-20060719.pdf(PDF · 101.6KB)

Anex:(PDF · 50.3KB)

May 23,2007

On May 18th, 2007, The JICPA submitted comments on Exposure Drafts of International Auditing and Assurance Standards Board (IAASB);

ISA 570 (Redrafted), "Going Concern"

JICPA's comment letter to the  IAASB can be obtained at:

http://www.hp.jicpa.or.jp/english/news/files/4-48-570-2-20070518.pdf(PDF · 3P · 16.9KB)

May 23,2007

On May 18th, 2007, the JICPA submitted comments on Consultation Paper - CESR's technical advice on a mechanism for determining the equivalence of the generally accepted accounting principles .

JICPA's comment letters to the CESR can be obtained at:

http://www.hp.jicpa.or.jp/specialized_field/pdf/4-51-0-2-20070508.pdf(PDF · 3P · 17.0KB)

May 18,2007

JICPA held its 18th executive election in accordance with JICPA rules, including deliberations by the nominating committee. The elected executives convened a meeting on April 11 where Mr. Koichi Masuda (presently deputy president) was elected to be the chairman and president for the next term which is from the end of the general assembly in 2007 to the end of the general assembly in 2010. The election of the new chairman and president will be reported to the general assembly which will meet on July 4.

May 18,2007

The 17th Conference of the Confederation of Asian and Pacific Accountants (CAPA Osaka 2007) and the 28th JICPA Research Conference will be held from Wednesday, October 3, to Friday, October 5. The main venue will be the Osaka International Convention Center. The CAPA Conference is being held in Japan for the first time in 45 years since it was last held in Tokyo and Kyoto in 1962.
The main theme of the 17th CAPA Conference is "How professional accountants can develop the Asian economy." About 1,500 professional accountants are expected to attend, from Japan and abroad .

May 18,2007

JICPA introduced a system to register audit firms which audit listed companies in April 2007. The aims of this new system are to enhance the quality control of audit firms which audit listed companies - these tend to have wider public influence, and to ensure confidence in audits by CPAs in capital markets.

The new system requires all firms which audit listed companies to register with the Center of Listed Company Audit Firms and to publish an outline which includes a description of its audit quality control systems. This allows market participants including investors to understand the level of quality control of audits by the registered audit firms. In addition, when a deficiency is identified in the quality control of a registered audit firm as a result of a quality control review, measures such as recommendations or striking the firm off the register are taken. These measures enhance the effectiveness of the improvements made to the quality control of registered audit firms.

May 18,2007

This survey of audit engagements of financial statements was conducted based on the summary reports of audit engagements submitted by audit firms by February 28, 2007. The survey covers the audits of financial statements for the fiscal year ending April 2005 to the audits of the fiscal year ending March 2006. The results include the numbers of personnel involved, the hours spent, and audit fees, broken down by revenue scale and by industry. The report is available in Japanese only.

May 7,2007

On April 19, 2007, the JICPA submitted omments on the discussion papaer "Fair Value Measurements".

JICPA's comment letter to the IASB cna be obtained at:

http://www.hp.jicpa.or.jp/english/news/files/e-20070329-02.pdf(PDF · 1P · 15.6KB)