What's New (Oct, 2008)

Revision of "Q&A on Auditing Treatment in the Determination of Scope of Subsidiaries and Affiliates in Consolidated Financial Statements"

October 22,2008

JICPA announced on September 2, 2008, the revision of "Q&A on Auditing Treatment for the Determination of Scope of Subsidiaries and Affiliates in Consolidated Financial Statements". This is to correspond to the revision of Audit Committee Statement No. 52. The Implementation Guidance on determining a subsidiary and an affiliate, which was released on May 13, 2008 by Accounting Standard Board of Japan (ASBJ) clarified the treatment in cases where an investing entity, including a venture capital organization, has effective control over other company's decision-making body. In order to respond to this implementation guidance an additional question and answer document was provided.
This document is available in Japanese only.

Revision of Audit Committee Statement No.52 "Auditing Treatment in the Application of the Principle of Materiality relating to the Scope of Consolidation and Equity Method"

October 22,2008

The Auditing and Assurance Practice Committee announced on September 2,2008, the revision of Audit Committee Statement No.52, "Auditing Treatment for the Application of the Principle of Materiality pertaining to the Scope of Consolidation and Equity Method". This revision was made to conform to the Implementation Guidance in determining a subsidiary and an affiliate, which was released on May 13, 2008 by Accounting Standard Board of Japan (ASBJ). Audit Committee Statement No. 60 was incorporated into the Audit Committee Statement No.52 and Audit Committee Statement No.60 was eliminated as a result of it.

This document is available in Japanese only.

JICPA responds to IASCF discussion document: Review of the constitution

October 8,2008

The JICPA submitted comments on IASCF discussion document: Review of the constitution: Public Accountability and the Composition of IASB - Proposals for Change.

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

http://www.hp.jicpa.or.jp/english/images/4-51-0-2-20080920.pdf(PDF · 5P · 23.8KB)

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