The Business Accounting Council (BAC) published the "Opinion on the Application of International Financial Reporting Standards (IFRS) in Japan (Interim Report)"
July 27, 2009
On June 30, 2009, the Business Accounting Council published, the "Opinion on the Application of International Financial Reporting Standards (IFRS) in Japan (Interim Report)".
The interim report highlighted that:
• It is appropriate that the use of IFRS is allowed from the fiscal year ending in March 2010, for the consolidated financial statements of certain listed companies.
• The decision regarding the mandatory use of IFRS is to be made around 2012, although the timing may be moved back or forward depending on various factors. It is important to ensure a sufficient preparation period of at least three years before the mandatory use starts. Use will become mandatory from 2015 or 2016 if the decision is made in 2012.) .
For more information on the interim report, please go to this page on the Financial Services Agency's website: http://www.fsa.go.jp/en/news/2009/20090701-1.html