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Establishment of the IFRS Council, Private Sector Promotion Council to Address Japanese Roadmap towards IFRS Implementation

The Business Accounting Council (BAC), an advisory body to the Commissioner of the Financial Services Agency (FSA), published the “Interim Report: Application of International Financial Reporting Standards (IFRSs) in Japan” on June 30, 2009, which marked a key step forward for Japan moving towards adoption of IFRS. The report sets out a number of milestones before deciding the application of IFRS; many of which rests with the initiatives by a private sector.
In this vein and as agreed by market constituents and supported by the FSA, today we inaugurated our initiative aiming to address major issues.
Major objectives of the IFRS Council and its committees are available:

• http://www.hp.jicpa.or.jp/english/news/images/PR_090703_Eng_Final_R.pdf（PDF・3P・56.1KB）
• http://www.hp.jicpa.or.jp/english/news/images/Appendix_Final_R2.pdf（PDF・3P・117.6KB）