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.
