Japan's Business Accounting Council publishes Report on IFRS
June 20, 2013
Japan's Business Accounting Council (BAC) met on May 28, and June 12 and 19, 2013, to discuss the use of International Financial Reporting Standards (IFRSs) in Japan. Following these meetings, BAC published, on June 20, 2013, its report on the issue based on a series of discussions.
The report contains the following three key policy recommendations to promote further use of IFRSs in Japan:
・Ease eligibility to use IFRSs voluntarily
・Introduction of 'endorsed IFRSs'
・Simplification of disclosure requirements in a separate financial statement under Japanese GAAP
For more information, please visit the following Financial Services Agency website: