What's New (Sep, 2016)

September 16,2016

JICPA issued, on 29 July, 2016, recommendations on the reform of taxation system in Japan for fiscal 2017. By reviewing the current socio-economic environment, JICPA addressed on the issues relating to the current taxation policies and frameworks in Japan and possible reforms for the fiscal 2017.

The original texts are available at the following website (Japanese only).

Requests for Fiscal 2017 Taxation:

http://www.hp.jicpa.or.jp/specialized_field/20160729sez.html

Recommendations for Future Taxation (2017):

http://www.hp.jicpa.or.jp/specialized_field/20160729gcs.html

September 16,2016

JICPA published, on July 27, 2016, an annual activity report on the Quality Control Committee, related to its reviews for the year ended March 31, 2016.

The JICPA quality control review, as prescribed by the JICPA Constitution, is performed for audits conducted by audit firms engaging in audits of listed companies, public interest entities and other certain entities under the CPA Act, in order to maintain and improve the quality of audit practices and to ensure public trust in audits.

Together with the annual report, "Recommendations on the Activities of the Quality Control Committee for the year ended March 31, 2016" was also issued by the Quality Control Oversight Board which monitors the entire process of quality control reviews at JICPA.

The annual report and the recommendations are available at the following website (Japanese only).

http://www.hp.jicpa.or.jp/ippan/jicpa_pr/news/20160727gzi.html

September 16,2016

The Accounting Standards Board of Japan (ASBJ) released, on July 25, 2016, amendments to “Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications.” The amendments were issued as a result of endorsement process covering Standards issued by International Accounting Standards Board (IASB) as at 31 December 2012.

For more details, please visit ASBJ website:

https://www.asb.or.jp/asb/asb_e/endorsement/jmis/20160725.jsp

September 13,2016

JICPA released its annual report for the year ended March 31, 2016.

The report can be downloaded from the following link;

http://www.hp.jicpa.or.jp/english/about/annualreport/index.html