The Financial Services Agency (FSA) of Japan
has proposed to allow the non-public subsidiaries of domestic IFRS
issuers the option of using IFRS when preparing their consolidated
financial statements.
The largest Japanese public companies already
have the option to use IFRS for their consolidated financial
statements and the FSA is currently considering a mandatory move to
the international standards.
The new proposals were issued on 4 August with
the comment period closing on 3 September.
The FSA is a Japanese government organisation
responsible for overseeing banking, securities and exchange, and
insurance.
(Japanese)
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