What's New (Feb, 2014)

February 26,2014

In support of the victims of Typhoon Haiyan that swept through the central Philippines on November 8, 2013, JICPA and its chapters nation-wide started a campaign to raise funds for the Philippines typhoon victims last December.

During one month and a half of the campaign, JICPA raised 6,540,000 JPY (approximately 6.5million USD), with donations from more than 790 individual members and others.

Mr. Kimitaka Mori, Chairman and President of JICPA, donated the total funds collected to the Japanese Red Cross Society on February 20, 2014.

JICPA would like to extend its sincere condolences to the friends and families of the Philippines typhoon victims.

February 17,2014

The survey of audit engagements of financial statements was conducted based on the summary reports of audit engagements submitted by audit firms by November 30, 2013. The survey covers the audits of financial statements for the fiscal year ended March 2013. This survey is conducted annually to contribute to further enhance members’ audit engagements and to deliver improvements in audit quality by providing statistical data on the numbers of personnel involved, the hours spent, and audit fees broken down by revenue scale and by industry.

The report is available only in Japanese.

February 10,2014

The Committee on Accounting Guidelines for Small and Medium-sized Entities (established by JICPA, the Japan Federation of Certified Public Tax Accountants' Associations, the Japan Chamber of Commerce and Industry, and the Accounting Standards Board of Japan (ASBJ)) amended, and released on February 03, 2014, "The Accounting Guidelines for Small and Medium-sized Entities (2013 edition)."

This year's amendments mainly include, among other things, revision of terms to make the guidelines in line with the ASBJ statements issued in 2012, particularly with the ASBJ Statement No. 26, Accounting Standard for Retirement Benefits.

The guidelines are available only in Japanese.

February 6,2014

On February 6, 2014, JICPA held a discussion meeting with Mr. Hans Hoogervorst and other representatives of the IFRS Foundation and audit firms.