Sunday, October 11, 2009

IFRS IN JAPAN

IMPLEMENTATION OF IFRS IN JAPAN
All countries are taking steps to implement IFRS. The Accounting Standards Board of Japan (ASBJ) and the international Accounting Standards Board (IASB) have held their meeting to implement IFRS in Japan. The meeting took place in London on 7th and 8th September 2009.
The representatives of ASBJ have briefed the IASB on going implementation. They have also reviewed the IFRS implementation and exchanged views on financial instruments, classification and measurement. These include draft exposure issued by IASB.
They also discussed the following IFRS related issues
Other comprehensive income
Recycling and non recycling
Post employment benefits
Cross cutting issues like Financial liabilities and Non Financial liabilities.
In Japan, the listed companies are already started implementing the IFRS from 1st April 2009. The ASBJ has proposed to implement IFRS mandatory either from 1st April 2015 or 1st April 2016.
As a result of the discussion, ISAB has decided to lend its support to ASBJ to implement the IFRS and also address the issue.
Both the boards i.e. ISAB and ASBJ believe that on going coordination committee meeting will help in smooth adoption of IFRS and also creates high quality IFRS in future.
The next meeting stated to be held in early 2010 in Tokyo, Japan

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