095 Discussion on IFRS, Accounting Standards Board of Japan
Accounting Standards Board of Japan and Project Adjustment Committee, which both belong to Finacial Services Agency, together had a meeting on 29 Feb. 2012, to report a survey on the IFRS conducted by Keidanren, Japan Business Federation.
In the meeting, realistic opinions were made by the companies, such as “its scope should be limited to the consolidation financial statements,” “they shouldn’t force companies to adopt the IFRS for the moment, and see how things go,” “even if they choose adoption, it is not realistic that every company should adopt it.”
In addition, as of the principles-based accounting of IFRS, more judgmental decisions will be required when it comes to accounting treatment. Therefore, there are some operational comprehensions such as “conflict between companies and auditors,” while companies would like auditors to prepare guidelines as much as possible or take appropriate steps to the situations.
Next meeting is planned on 29 March, 2012.
