What's New (Apr, 2011)

April 28,2011

JICPA published, on March 31, 2011, revised Auditing and Assurance Practice Committee Statement No. 75, “Practical Guideline on Preparation of Auditor's Report.”

Major revisions to the report include, i) presentation in consolidated comprehensive income, and ii) a sample example of auditor’s report for the voluntary application of IFRS.

April 28,2011

JICPA published, on March 29, 2011, revised Ethics Standards Committee Research Report No.1 “Independence of Auditors’ Checklist.”

Having gone through a discussion in the Committee, this report was published in response to the revision of JICPA “Code of Ethics” and “Guidance on Independence” in July 2010. The report consists of two parts, “Laws and Ordinances” and “Ethics Rules”, and the latest revisions were made mainly in the part dealing with the “Ethics Rules.”  

The report is available only in Japanese.

April 28,2011

On March 8, 2011, an incoming IASB chairman Mr. Hans Hoogervorst visited JICPA. Mr.Hoogervorst will succeed Sir David Tweedie on his retirement as chairman of the IASB at the end of June 2011.  Mr. Hoogervorst met with the leadership of the JICPA and exchanged views about IFRS Foundation, future strategies of IASB, and how Japan has responded to IFRS.

April 28,2011

Following the earthquake that struck Japan on March 11th, JICPA published, on March 14, 2011, two statements from the Chairman and President on the establishment of a disaster control headquarters to check on the safety of our members in the affected areas, take necessary counter measures, and plan to consider accounting and auditing issues arising from the recent disaster.

As some difficulties may be experienced when auditing entities affected in the disaster, JICPA issued, on March 30, an audit instruction outlining the approaches to be considered when auditing the companies damaged by the North Eastern Japan Earthquake.

These statements and the instructions are available only in Japanese.