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Business Accounting Council Issues the Review Standards for Quarterly Financial Statements

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.