Japan is seeking a bigger role in the setting of global accounting rules now that it is likely to adopt international standards imposed by the International Accounting Standards Board, says a Reuters article.
"We cannot simply accept what the IASB has created. We must raise our opinions so that the rules that are not in line with our business practices are amended, or will be followed up with proper guidelines," Noriaki Shimazaki, a top official in charge of accounting rules at Japan's biggest business lobby, told Reuters.
The IASB is a privately funded accounting standard setter. According to Reuters, some Japanese accountants argue they are under-represented, making them reluctant to follow international rules. Out of 15 seats on its governing board, five are occupied by Europeans and four by the United States and just one from Japan.