Revisions to the JICPA Auditing and Assurance Practice Committee Practical Guideline No. 83 "Practical Guideline on Quarterly Review"
JICPA published, on July 8, 2011, the revised Auditing and Assurance Practice Committee Practical Guideline No. 83 "Practical Guideline on Quarterly Review." The guideline was revised in response to the publications such as, the revised ASBJ Statement No.12 “Accounting Standard for Quarterly Financial Statements” on March 25, 2011 by ASBJ, the “Position Paper on the Revision of the Quarterly Review Standards” on June 30, 2011, by the Business Accounting Council of the Financial Services Agency, as well as other related revisions of the relevant ordinances.
The major revisions to the guideline are as follows:
1. Simplification of the Quarterly Reviews
2. Accounting Changes and Error Corrections
3. Presentation of Comprehensive Income
4. Voluntary Application of the IFRSs
5. Response to the Clarity Projects