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August 8, 2010

Japanese regulator proposes IFRS expansion

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.



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