The Financial Services Agency (FSA) has published an English translation of a report that suggests that International Financial Reporting Standards (IFRS) could be allowed from the 2009 fiscal year, and has called for public comments on the subject.
As reported in MARKET INTELLIGENCE I-XVII (January 29, 2009), the Business Accounting Council, an advisory panel to the FSA, published a report on January 28 in which it made the following suggestions:
– The use of IFRS could be permitted on a voluntary basis for Japanese listed companies from the fiscal year ending March 31, 2010.
– The decision regarding the mandatory use of IFRS could be made around 2012. If it is decided then to adopt mandatory use, a preparatory period of at least three years would be necessary before implementation.
The FSA has now published the report in English and has invited comments on its contents. The deadline for comments is 5:00pm on Monday, April 6, 2009, Tokyo time.
D.C.