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News brief: Japan reiterates support for IFRS

Japan’s Financial Accounting Standards Foundation (FASF) and the IFRS Foundation trustees have in a statement reiterated their shared commitment in supporting companies to adopt IFRS in Japan.

Japanese listed companies can adopt IFRS on a voluntary basis since 2010. There are 164 listed companies in Japan who have either already adopted or declared their plans for adoption, according to the joint statement. These companies constitute 30% of the total market capitalisation of all listed companies in Japan.

The FASF and IFRS Foundation trustees organised a joint panel discussion – the Constructive Dialogue between financial statement preparers and investors. Discussions revealed that communication between financial statement preparers and investors has become more important than ever. The International Accounting Standards Board (IASB) who participated in discussion said that it will be focusing its efforts on better communication in financial reporting in the next few years.

The statement is accessible here.

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