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

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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