What's New (Aug, 2010)

August 24,2010

The Auditing Standards Committee announced, on July 30, 2010, the following six 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.51 " Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with
International Standards on Auditing " (Interim report)
• Auditing Standards Committee Statements No.52 " Communications with Those Charged with Governance " (Interim report)
• Auditing Standards Committee Statements No.53 " Communicating Deficiencies in Internal Control to Those Charged with Governance and Management " (Interim report)
• Auditing Standards Committee Statements No.54 " External Confirmations " (Interim report)
• Auditing Standards Committee Statements No.55 " Analytical Procedures " (Interim report)
• Auditing Standards Committee Statements No.56 " Written Representations " (Interim report)

August 24,2010

Following the revision of the Code of Ethics for Professional Accountants by the International Federation of Accountants (IFAC), JICPA partially revised, in July 2010, the JICPA “Code of Ethics”.

This new guideline is scheduled to be implemented from April 2011.

August 24,2010

On July 27, 2010, India-Japan Forum 2010 “Issues ahead of Implementation of IFRSs” was held at the international convention room of the Keidanren-kaikan. This joint forum was held to present and share knowledge, experience and challenges in implementing IFRSs in India and Japan, and strengthen mutual cooperation between both countries.

Following the opening remark and keynote speech from Mr. Kouhei Ohtsuka, Senior Vice-Minister of the Cabinet Office, Mr. Shri R. Bandyopadyay, Secretary of the Ministry of the Corporate Affairs of India also presented a keynote speech from the Indian side. In addition to these, other key functionaries from representative organizations relating the IFRSs implementation issues in both countries presented their views on the application of or convergence with the IFRSs. Those representatives included, Mr. Shozo Yamazaki, Chairman and President of the JICPA, Mr. Amarjit Chopra of the Institute of Chartered Accountants of India (ICAI), Mr. Atsushi Saito, President and CEO of the Tokyo Stock Exchange (TSE), Mr. Shri C. B. Bhave, Chairman of the Securities and Exchange Board of India (SEBI), Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), and Mr. Ikuo Nishikawa, Chairman of the Accounting Standards Board of Japan (ASBJ). The forum was concluded by the active discussions of panelists from both countries moderated by Mr. Toshio Kinoshita, Chief Executive of the JICPA.

August 24,2010

On July 23, 2010, the 31st JICPA Annual Conference was held at the Hotel Granvia in Kyoto. Four concurrent sessions were provided including “CPAs’ roles in the implementation of IFRS” and “For Fostering Future Accounting Professionals”. The conference was attended by over 1,000 participants including JICPA members, and many others from around the country with interest in financial reporting.

August 24,2010

Following the revision of the Code of Ethics for Professional Accountants by the International Federation of Accountants (IFAC), JICPA partially revised, in July 2010, the “Application Guidance of the Conceptual Framework of Independence”. The application guidance was prepared to improve the understanding of the Conceptual Framework Approach and to ascertain the application of the framework to the independence of the auditors. 

This new guideline is scheduled to be implemented from April 2011.

August 24,2010

On July 7, 2010, the 44th JICPA Annual General Assembly was held in the Imperial Hotel, Tokyo. More than 1,000 members and associate members attended the meeting and it was relayed to other regional chapters of the JICPA nationwide. At the opening, Mr. Katunori Mikuniya, Commissioner of the Financial Services Agency introduced a congratulatory message from Mr. Shozaburo Jimi, Minister of State for Financial Services, and Mr. Atsushi Saito, President & CEO of the Tokyo Stock Exchange Group presented opening remarks.

Following the report of the results of the 44th fiscal year business plan and budget statements, all assembly agendas were approved. With the conclusion of this assembly, Mr. Shozo Yamazaki has started his term of office as the Chairman and President of the JICPA, succeeding Mr. Koichi Masuda.

August 24,2010

The Auditing Standards Committee announced, on May 18, 2010, the following six 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.45 "Audit Documentation" (Interim report)
• Auditing Standards Committee Statements No.46 " Audit Evidence " (Interim report)
• Auditing Standards Committee Statements No.47 " Audit Evidence - Specific Considerations for Selected Items " (Interim report)
• Auditing Standards Committee Statements No.48 " Audit Sampling " (Interim report)
• Auditing Standards Committee Statements No.49 " Using the Work of Internal Auditors" (Interim report)
• Auditing Standards Committee Statements No.50 " Using the Work of an Auditor’s Expert " (Interim report)