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October 3, 2012

BAC reviews Japans IFRS adoption deliberations

The Business Accounting Council of Japan (BAC) has met to review deliberations over the prospective use of IFRSs in Japan.

Despite no consensus being drawn from the meeting as to whether IFRSs should be adopted, the session enabled BAC members to review and exchange opinions on developments around IFRS.

As part of the meeting agenda BAC reviewed the final report by the US SEC, recent International Accounting Standards Board (IASB) activities and responses to consultation on the IASBs IFRS IC due process handbook.

The meeting follows on from last month’s assembly of the Accounting Standards Board of Japan and the Financial Accounting Standards Board in which the two reconfirmed their commitment to a global set of accounting standards.

A Japanese Financial Services Agency official commented that issues highlighted in the interim discussion would continue to be considered in the future.

The official added that further understanding of effects in countries that adopted IFRS including Canada and Korea would be procured.

 

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