What's New (Jun, 2007)

"Accounting guidelines for small and medium-sized entities (2007 edition)" issued

June 27,2007

The Committee of Accounting Guidelines for Small and Medium-sized Entities amended "The Accounting Guidelines for Small and Medium-sized Entities" and released them on May 2. This committee was established by JICPA, the Japan Federation of Certified Public Tax Accountants' Associations, the Japan Chamber of Commerce and Industry, and the Accounting Standards Board of Japan (ASBJ).
Since the previous amendment of these guidelines in April 2006, the ASBJ has issued or amended a number of accounting standards. Of these, ASBJ Statement No. 10 "Accounting Standard for Financial Instruments" and PITF No. 19 "Tentative Solution on Accounting for Deferred Assets" were addressed in the 2007 edition. References to these standards were also revised accordingly.
The guidelines are available in Japanese only.

Listed company audit firms register open for public viewing

June 27,2007

In April 2007, JICPA introduced a requirement of registration for firms which audit listed companies in order to enhance the quality control of these firms since listed companies tend to exert wide public influence, and to ensure confidence in audits by CPAs in capital markets. JICPA accepted registrations from such audit firms until April 17 as the first deadline. After deliberations by the Quality Control Committee and the Quality Control Oversight Board of JICPA, 160 firms were allowed to register. JICPA posted the register of these audit firms on May 31 on the JICPA website.

Firms which audited listed companies on April 1 are required to apply for registration by July 15. The final register is expected to be released in August.

The register is available in Japanese only.

JICPA responded to IAASB Proposed Pronouncements

June 27,2007

On June 22th, 2007, The JICPA submitted comments on Exposure Drafts of International Auditing and Assurance Standards Board (IAASB);

ISA 550 (Revised and Redrafted), "Related Parties"

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

http://www.hp.jicpa.or.jp/english/news/files/4-48-550-2-20070622.pdf (PDF · 4P · 18.4KB)

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