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.