083 The way Japan goes on IFRS
Shozaburo Jimi, Minister of Financial Services, has been reappointed under the regime of the cabinet of Prime Minister Yoshihiko Noda, newly appointed on September 2, 2011. Minister Jimi made a comment on when to apply the IFRS in June, in which he indicated that this would not be directly led by politicians. Therefore, this reappointment would have no influence on the due date.
More interesting story was there shortly before the event described above. Three people were appointed as councilors of Financial Services Agency on August 29 2011 for advice on the IFRS project, and they are not academics or analysts, but from economic organizations.
So far, economic organizations agrees to the way the United States has adopted, which is to spare 5 to 7 years to prepare for the application of IFRS. Knowing that councilors are from economic organizations, we could kind of see the path we would take, To follow the United States.
