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Accounting Standards Board of Japan and its Contribution to International Accounting Standards

Accounting Standards Board of Japan and its Contribution to International Accounting Standards. Tatsumi YAMADA. Liaison Board Member, International Accounting Standards Board Japan. Accounting Standards Board of Japan and its contribution to International Accounting Standards.

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Accounting Standards Board of Japan and its Contribution to International Accounting Standards

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  1. Accounting Standards Board of Japan and its Contribution to International Accounting Standards Tatsumi YAMADA • Liaison Board Member, • International Accounting Standards Board • Japan

  2. Accounting Standards Board of Japan and its contribution to International Accounting Standards International Accounting Standards Board Tatsumi Yamada

  3. Accounting Standards Board of Japan (ASBJ) • Established on July 26, 2001, as a private sector standards setter • Reorganization of IASC in 2001 • Counterpart as a liaison country • Support and proposals by market participants

  4. Secretariat　(10） 　・Administration ・Accounting 　・Disclosure 　・Public Relations Structure of ASBJ Trustees (16) Accounting Standards Board of Japan Directors (14) (ASBJ) Board Members (13) <Including 3 full-time members> Technical　Staff　(17) Technical Committee ※ Theme Advisory Council (16) Composition of ASBJ 3-preparers 5-Users(Analysts) * 3-Auditors 3-Academics * Including the members from Stock Exchange, banking and insurance sector Board of Directors(14) Auditors (2) ※ For each agenda project, a Technical Committee will be formed as a working group.

  5. Organization of ASBJ • Technical Committees Treasury Stock, Earning Per Share, Stock Options, Financial Instruments, Leases, etc. • Standing Committees - Practical Solutions - International Issues

  6. ASBJ’s Standards Setting • 3 types of documents Statement / Guidance / PITF • Invite Comments by Exposure Drafts • Meetings of the Board and Special Committees are open to the public • Publication of final decision (60% vote ) and dissenting views

  7. Tasks of ASBJ (1/2) • To investigate and develop generally accepted accounting standards in Japan • To investigate practices concerning corporate finance and disclosure to make pertinent recommendation • To contribute to the development of a high-quality internationally accepted accounting standards

  8. Tasks of ASBJ (2/2) • To study and research the concepts and philosophies on which the development of accounting standards is based • To conduct basic research to inventory Japanese existing rules of accounting standards in Japan

  9. Current Activities of ASBJ (1/2) • International contribution • Providing input to IASB Liaison member • Providing comments to IASB • Attending Liaison Countries’ Meeting

  10. Current Activities of ASBJ (2/2) • International contribution • Critical Issues • Business Combination • Performance Reporting • Longer-term financial instruments (former JWG)

  11. Current development of Accounting Standards • Accounting “ Big Bang”- Standards have undergone tremendous developmentsin Japan in the past 5years. • The result has been a dramatic improvement in their quality, in line with IAS.

  12. Current Developments of Japanese Accounting Standards (1/3) • Revision of Consolidated Financial Statement Principles (June 1997) ⇒ IAS 27 and 28 • Accounting Standards on Cash Flow Statements (March 1998) ⇒ IAS 7 • Accounting Standards on Interim Reporting (March 1998) ⇒ IAS 34 • Accounting Standards on Research and Development Costs (March 1998) ⇒ IAS 38

  13. Current Developments of Japanese Accounting Standards (2/3) • Accounting Standards on Post-Employment Benefits (June 1998) ⇒ IAS 19 • Accounting Standards on Tax Effect Accounting (Income Tax) (October 1998) ⇒ IAS 12 • Accounting Standards on Financial Instruments (January 1999) ⇒ IAS 32 and 39

  14. Current Developments of Japanese Accounting Standards (3/3) • Revision of Accounting Standards on Foreign Currency Denominated Transactions and Translation (October 1999) ⇒ IAS 21 • Impairment of assets (August 2002) ⇒IAS 36 • Accounting for EPS (September 2002) ⇒IAS 33

  15. Short-term Agenda (1/2) 1.Accounting standard required by implementation of the new consolidated tax return system 2. Implementation guidance for the impairment accounting standard 3. Fixed assets accounting (except for impairment accounting)

  16. Short-term Agenda (2/2) 4. Accounting standard for stock options 5. Implementation guidance for the business combinations 6. Accounting standard for lease transactions

  17. Convergence of accounting standards • ASBJ’s mission and task • Must deal with domestic systems Commercial Code, Tax requirement • Eventual goal- Convergence

  18. Thank You ! International Accounting Standards Board Tatsumi Yamada

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