What's New (Jul, 2008)

JICPA responds to UK POB Consultation Paper-Regulation of third country auditors

July 30,2008

The JICPA submitted comments on UK POB Consultation Paper - Regulation of third country auditors.

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

http://www.hp.jicpa.or.jp/english/news/files/4-51-0-2-20080725.pdf(PDF · 5P · 227.0KB)

JICPA announces "Change in the financial statements preparation process by the XBRL introduction to EDINET and matters to be considered by the auditors".

July 28,2008

JICPA announced, on May 20, 2008,"Change of the financial statements preparation process by the XBRL introduction to EDINET and matters to be considered the auditors". Companies are required to submit financial statements in the XBRL format to the EDINET from fiscal year beginning on or after April 1, 2008. This report sets out recommendations compiled mainly by the IT Committee that indicate changes in the process to prepare financial statements arising from the introduction of XBRL to the EDINET, and matters to be considered by auditors.
This document is available in Japanese only.

Issuance of Ethics Committee Research Report No. 3 "Independence required for the audit of audit corporations"

July 28,2008

JICPA issued on June 10, 2008 an Ethics Committee Research Report No. 3 "Independence required for the audit of audit corporations". A limited liability audit corporation system was introduced in Japan with the partial amendment of the CPA Act in June 2007. The financial statements of limited liability audit corporations require to be audited the auditor report by an independent auditor with no specific interest in the audit corporations. This report has aimed to serve for the practical judgment of independence and provides the fundamental concept under the Code of Ethics and how to apply such concept to specific circumstances.
This report is available in Japanese only.

Mr.Gerrit Zalm, Chairman of the IASCF, visits Japan

July 28,2008

Mr. Gerrit Zalm, Chairman of the International Accounting Standards Committee Foundation (IASCF), visited Japan in June. During his visit, Mr. Zalm exchanged views with Financial Services Agency and various economic organization officials, met with audit firms, and gave a press conference. The purpose of his visit to Japan was to promote adoption of IFRS in Japan, which is one of major economies, to exchange views on funding the IASCF, and to discuss the IASCF Constitution review.

Newly published "The CPA Profession in Japan (Seventh Edition)" is now available.

July 25,2008

The JICPA is pleased to announce the publication of the seventh edition of "The CPA Profession in Japan." This edition covers a wide range of topics from JICPA initiatives to regulatory framework, including the recent amendments of the CPA Act. This will help you better understand the CPA Profession in Japan as well as recent developments.

To obtain this publication, please visit: http://www.hp.jicpa.or.jp/english/about/publications/index.html

JICPA responds to Exposure Drafts of IPSASB

July 23,2008

On July 2008, The JICPA submitted comments on the Proposed to International Public Sector Accounting Standard, " Social Benefits: Disclosure of Cash Transfers to Individuals or Households ", and the Consultation Paper" Social Benefits: Issues in Recognition and Measurement ".

JICPA's comment letters to the IPSASB can be obtained:

	Social Benefits: Disclosure of Cash Transfers to Individuals or Households http://www.hp.jicpa.or.jp/specialized_field/files/4-14-ED34-2-20080714.pdf 　(pdf・3P・25KB)
	Social Benefits: Issues in Recognition and Measurement http://www.hp.jicpa.or.jp/specialized_field/files/4-14-CR-2-20080714.pdf 　(pdf・3P・26KB)

JICPA responded to IFAC Consultation Paper

July 3,2008

On June 27th, 2008, the JICPA submitted comment on the consultation paper of International Federation of Accountants (IFAC);

- Consultation Paper "Translation of IFAC Standards"

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

http://www.hp.jicpa.or.jp/english/images/4-47-0-2-20080627.pdf(PDF · 2P · 98.7KB)

Issuance of Law and Regulation Committee Research Report No.7 "An engagement letter for audits", and conforming changes of Law and Regulation Committee Research Report No. 6 "An engagement letter for audits and reviews"

July 3,2008

JICPA issued a new Law and Regulation Committee Research Report No.7 “An engagement letter for audits” and conforming changes of Law and Regulation Committee Research Report No. 6 "An engagement letter for audits and reviews". The committee revised the part regarding “audit” which is one of the services that Law and Regulation Committee Research Report Law No.3 addressed and made it a separate report. References to Regulation Committee Research Report No. 6 were also revised accordingly.

This document is available in Japanese only.

Amendments to Ethics Committee Research Report No.1 "Independence of an Auditor's checklist"

July 3,2008

The Ethics Committee amended, on May 20, 2008, the research report of the Ethics Committee No.1 "Independence of an Auditor's checklist". The amendments were in response to a recommendation of the Financial Services Agency of Japan issued in April, 2008.

This document is available in Japanese only.

Revision of Auditing and Assurance Practice Committee Research Report No.18 "Research Report on Estimates of Audit Hours (Interim Report)"

July 3,2008

The Auditing and Assurance Practice Committee revised, on May 20, 2008, Auditing and Assurance Practice Committee Research Report No.18 "Research Report on Estimates of Audit Hours (Interim Report)". It covers the implementation of ”Review Standards for Quarterly Financial Statements” and “Standards and Practice Standards for Audit concerning Internal Control Over Financial Reporting”, which are effective on April 1, 2008. The previous Research Report was amended considering the above standards.

This document is available in Japanese only.

Amendments to "Accounting guidelines for small and medium-sized entities (2008 edition)"

July 3,2008

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, 2008.

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 2007, the ASBJ has issued or amended a number of accounting standards. Of these, ASBJ Statement No. 9 "Accounting Standards for Measurement of Inventories", and No. 13 "Accounting Standard for Lease Transactions" were addressed in the 2008 edition. References to these standards were also revised accordingly.
The guidelines are available in Japanese only.

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