June 21, 2013
Financial Services Agency

Report of the Business Accounting Council on the use of the International Financial Reporting Standards (IFRS) in Japan

On June 20, 2013, the Business Accounting Council of the Financial Services Agency issued a report on the use of IFRS in Japan.

The report reiterates Japan’s commitment to the goal of a single set of high quality global accounting standards, and recommends the following steps:

  • i) to encourage further application of IFRS in Japan, eliminate existing two requirements (being a listed company and having a subsidiary of material size abroad) limiting companies eligible to use the IFRS;

  • ii) while continuing to allow the use of the IFRS as issued by the IASB, introduce an additional set of standards identical to IFRS with limited modifications, and

  • iii) simplify disclosure requirements on the non-consolidated single-entity financial statements.

(Attachment 1) Report of the Business Accounting Council (English version) (PDF75KB)

(Attachment 2) Report of the Business Accounting Council (Japanese version) (PDF:203KB)open new window

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Makoto Sonoda (Mr)

Deputy Director, Corporate Accounting and Disclosure Division
Financial Services Agency
Government of Japan
Email: makoto.sonoda@fsa.go.jp
Tel +81-(0)3-3506-6000 (ext. 3673)

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