Japan Wants Wider Role in Standards Rule-Making

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.
 

Read more on

Suggested Articles

Some of you might have already been aware of the news that Questex—with the aim to focus on event business—will shut down permanently all media brands in Asia…

Some advice for transitioning into an advisory role

Global risks are intensifying but the collective will to tackle them appears to be lacking. Check out this report for areas of concern