JAPAN’S MOVE TO INTERNATIONAL REPORTING STANDARDS WILL CHALLENGE ACCOUNTING PROFESSION
April 1st, 2010
BY GAVIN BLAIR and KARRYN MILLER
AS Japan continues its shift over to international financial reporting standards (IFRS), it is creating a host of challenges and opportunities for accounting firms and their clients at the start of the new fiscal year.
Although the Financial Services Agency (FSA) decided in December 2009 that full adoption of IFRS was voluntary this year, the asset retirement obligations are compulsory from April 1, 2010, explained Kana Chiba from the IFRS desk at the Japanese Institute of Certified Public Accountants (JICPA).
And this could ...
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