What's New (Jul, 2013)

July 24,2013

A discussion meeting with Mr. Paul Pacter, a former Board Member of the IASB, was held on July 18, 2013, regarding IFRS for SMEs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

July 9,2013

On July 3, 2013, the 47th JICPA Annual General Assembly was held in the Imperial Hotel, Tokyo, and new leadership for 2013-2016 assumed office.

 

More than 1,200 members and associate members attended the meeting, which was also relayed to other regional chapters of the JICPA nationwide.

At the opening, Mr. Ryutaro Hatanaka, Commissioner for Financial Services Agency, and Mr. Atsushi Saito, CEO of the Japan Exchange Group, Inc. presented congratulatory opening remarks.

 

Following the report of the results of the 47th fiscal year business plan and budget statements, all assembly agendas were approved.

 

The party held after the assembly was also a success, with total of nearly 550 guests, including Diet members and others from various fields.

 

New JICPA Leadership

 

Chairman and President Kimitaka Mori

 

 

 

 

 

 

 

 

Deputy Presidents Gen Ikegami	Aiko Sekine	Toru Kajikawa	Masaji Suzuki	Haruhiko Yamada	Giichi Yanagisawa	Shigeru Takahama	Chief Executive  Tadashi Umino

 

 

 

 

 

July 9,2013

JICPA published, on July 2, 2013, Non-profit Organization Accounting and Audit Practice Committee Research Report No. 25, "Toward Establishing an Accounting Framework for Non-Profit Organizations."

 

Currently, accounting standards and rules on preparing financial statements vary between different types of non-profit organizations in Japan, and this is making it difficult for the users of financial statements to conduct cross-sectional study of the information. In addition, the number of organizations that discloses their financial information to the public, for example, by using their website, is limited, and it is often the case that the financial statements are prepared simply to meet the regulatory requirements.

 

In contrast, non-profit organizations have grown to become one of the key players in local communities, generally as those that support the welfare of citizens, or sometimes, have served as entities that put forward proposals or conduct monitoring of governments or governmental agencies. It is important to note that the public's expectation to non-profit organizations has increased over the years, and non-profit organizations are now required to meet the expectation by strengthening their financial basis and achieving autonomous management.

 

In order for the non-profit organizations to achieve these, JICPA believes that it　will be important to install certain mechanisms which will strengthen the supply of  resources  from the private sector to the non-profit organizations and facilitate autonomous management. Therefore, as a part of an effort to assist non-profit organizations, the report has been published to provide common accounting framework to be used by non-profit organizations to meet the needs of various stakeholders.

 

This report will serve as a starting point for further discussion for establishing an accounting framework for non-profit organizations, and JICPA will continue to engage in the discussion by incorporating diverse views from a wide range of stakeholders.

The report is available only in Japanese.

 

July 9,2013

JICPA published, on July 2, 2013, Public Sector Accounting and Audit Practice Committee Research Report No. 20, "Special Considerations in the Audit of Public Sector Entities."

 

To address the need to specify how special considerations for public sector auditors stated in some practice notes to ISAs are treated in Japan, JICPA published a report on what needs to be considered in financial statement audits of public sector entities, currently designated for independent administrative agencies and national university corporations in Japan. The report also describes in which aspects practical guideline will be required in future for Japanese public sector auditors.

The report is available only in Japanese.