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Japan takes major step towards IFRS adoption

12 June 2009

 

Yesterday, the Business Accounting Council (BAC), a key advisory body to the Commissioner of the Financial Services Agency (FSA), approved a roadmap for the adoption of International Financial Reporting Standards (IFRSs) in Japan.

The roadmap still requires the formal approval of the FSA which is expected to take place by the end of the month. If adopted, the roadmap would permit early adoption of IFRSs by listed companies for fiscal years beginning 1 April 2009. The roadmap proposes mandatory adoption of IFRSs from 2016, subject to a final decision being taken by 2012.

An English version of the BAC’s announcement and an unofficial summary of the interim report of the BAC are available on the Japanese FSA’s website.

Commenting on the announcement, Sir David Tweedie, Chairman of the IASB said:

This is a landmark decision, both for Japan and for IFRSs. For Japan, it signals the eventual adoption of IFRSs. For the IASB, adoption of IFRSs by the world’s second largest national economy underscores the truly global nature of IFRSs and the acceptance of these standards by all major economies.

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    Telephone: +44 (0)20 7246 6472,
    Email: mbyatt@iasb.org
  • Sonja Horn, Communications Adviser, IASB
    Telephone: +44 (0)20 7246 6463
    Email: shorn@iasb.org