What's New (Sep, 2008)

Report on our visit to the EU and our position on IFRS in Japan (Executive Summary)-A translation of the original in Japanese-

September 11,2008

On August 27, the US Securities and Exchange Commission (SEC) unanimously voted to issue a proposed roadmap on the use of International Financial Reporting Standards (IFRS) by US issuers.

We believe the SEC's determination will bring the new development of IFRS adoption around the globe. In the light of this move towards IFRS, we believe that all constituencies need to start considering immediately and seriously how to adopt IFRS in Japan.

The JICPA envisaged these developments in the use of IFRS worldwide, including use by the SEC, and visited some organizations in Europe from July 1 to July 4 to prepare for the potential use of IFRS by Japanese companies. We intended to learn about experiences in the transition to IFRS and current challenges faced by companies and other organizations in Europe. Based on what we learnt from this visit, we will consider the necessary steps to be taken to assist the smooth conversion to IFRS in Japan.

The executive summary of the report on the findings we made during the visit and our position on IFRS can be obtained here.

JICPA issues Law and Regulation Committee Research Report No. 8 "Q&A on Limited Liability Audit Corporation System"

September 11,2008

The limited liability audit corporation system was set up by the Certified Public Accountants Act ("CPA Act") that had been revised in June, 2007. Under this new system, audit corporations which wish to convert its structure to limited liability audit corporation need to meet various requirements including registration with the Prime Minister, maintenance of minimum capital amount, provision of deposit, and the disclosure of the financial statements by audit corporations.
This Q&A provides an overview of limited liability audit corporation system, and practical steps that should be considered in implementation from unlimited liability audit corporation to limited liability audit corporation.
This document is available in Japanese only.

Revision of Audit Committee Statement No. 68 "Auditors' Comfort Letters to Arrangers" and "Outline of Auditors' Comfort Letters to Arrangers"

September 11,2008

The Auditing and Assurance Practice Committee announced the revision of Audit Committee Statement No. 68, "Auditors' Comfort Letters to Arrangers" and "Outline of Auditors' Comfort Letters to Arrangers" on August 1, 2008. The revision is applicable to letters that are submitted on or after September 1, 2008 among those letters for registration statements that include quarterly consolidated and/or separate financial statements for periods beginning on or after April 1, 2008. This revision was made to conform to the implementation of "Review Standards for Quarterly Financial Statements", which is effective on April 1, 2008 and the amended Financial Instruments and Exchange Act.
This document is available in Japanese only.

JICPA responds to Exposure Drafts of IPSASB

September 8,2008

On July 2008、The JICPA submitted comments on the Consultation Paper “Accounting and Financial Reporting for Service Concession Arrangements”. JICPA's comment letters to the IPSASB can be obtained

http://www.hp.jicpa.or.jp/english/news/files/4-50-0-2-20080731.pdf(PDF · 3P · 15.0KB)

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