What's New (Mar, 2010)

March 30,2010

The Japan Chamber of Commerce and Industry, The Japan Federation of Certified Public Tax Accountants' Associations, The Nippon Keidanren (Japan Business Federation), The Accounting Standard Board of Japan (ASBJ) and the JICPA, announced, on February 25, the establishment of the "Council for Accounting of Unlisted Companies" (the "Council"), as a result of the cooperative effort of relevant stakeholders.

The Council is expected to deliberate on a wide range of issues relating to accounting standards applicable to unlisted companies, giving consideration to the views that the impact of globalization on unlisted companies should be minimized or avoided in the context of promoting globalization of Japanese accounting standards.

March 30,2010

The Auditing Standards Committee announced, on February 23, 2010, the following four Auditing Standards Committee Statements, re-drafted as part of JICPA responses to the Clarity Project of the International Auditing and Assurance Standards Board (IAASB) of International Federation of Accountants. 

The effective dates of the standards may be reconsidered in the future by taking into account the progress on re-drafting other Auditing Standards Committee Statements, and adoption of International Standards on Auditing (ISAs) in other jurisdictions. 

• Auditing Standards Committee Statements No.41"Special Considerations -Audits of Group Financial Statements (Including the Work of Component Auditors)" (Interim report) 

• Auditing Standards Committee Statements No.42 "Materiality in Planning and Performing an Audit" (Interim report) 

• Auditing Standards Committee Statements No.43 "Evaluation of Misstatements Identified During the Audit" (Interim report) 

• Auditing Standards Committee Statements No.44 "Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures" (Interim report)

March 30,2010

From February 8 to 11, 2010, Mr. Noriaki Shimazaki, Chairman of the Sub-committee on Accounting of the Nippon Keidanren (Japan Business Federation), Mr. Atsu Kato, The Accounting Standard Board of Japan (ASBJ) full-time Board member and Mr. Toshio Kinoshita, Chief Executive of JICPA, visited India and Singapore to meet with representatives of India and Singapore's accounting profession and government ministries, including the Minister of State for Corporate Affairs of India. This was as part of participating in the mission to both countries led by the IFRS Council being the private sector promotion council to address Japanese roadmap towards IFRS implementation. This fact finding mission, comprised of members from the Nippon Keidanren, the ASBJ and the JICPA, involved interactive discussions, and building partnership in terms of IFRS adoption.

March 30,2010

Mr. Shao Lin, Deputy Director of Liaoning Provincial Audit Office, visited JICPA on February 2, 2010. Mr. Koichi Masuda, Chairman and President of JICPA, discussed the relationships between (a) the Chinese Institute of Certified Public Accountants (CICPA) and JICPA; (b) the Liaoning Provincial Audit Office and JICPA, and our efforts to date in the area of public sector accounting field.