| Japan | US | IAS/IFRS/ISA | |
|---|---|---|---|
| Impairment |
-Voluntarily from FY 2003 -Mandatory as of FY 2005 -Now ASBJ is studying guidelines -No standards on Investment Property |
-Mandatory as of FY 1995 (FAS121) -No standards on Investment Property |
-Mandatory as of FY 1998 (IAS36:Impairment) -Mandatory as of FY 2000 (IAS40:Investment Property) |
| Business Combination |
-Mandatory as of FY 2006 (scheduled) -Now BAC is studying based on public comments against the exposure draft released in August 2003 |
-Mandatory as of FY 1970 (APB16) -Mandatory as of FY 2001 (FAS141,142) |
-Mandatory as of FY 1998 (IAS22) -Now IASB is studying to revise |
| Going Concern | -Mandatory as of FY 2002 | -Mandatory as of FY 1988 (SAS59) | -Mandatory as of FY 1994 (ISA570) |
| Full Fair Value Accounting on Financial Instruments | -N/A | -N/A |
-N/A JWG* proposed draft standards in 2000 |
| Stock Options |
-Now ASBJ is studying standards -Commercial Code requires to disclose information on stock options |
-Mandatory as of FY 1995 (FAS123) (Recognition of expenses is voluntary) -Now FASB is studying to revise |
-Now IASB is studying standards |
* The JWG (Joint Working Group) comprised representatives or members of accounting standard setters or professional organizations in Australia, Canada, France, Germany, Japan, New Zealand, five Nordic countries, the United Kingdom, the United States, and the IASC. The IASB takes over its work.
| Market | Japan | US | EU etc |
|---|---|---|---|
| Regulator |
Financial Services Agency |
SEC |
IOSCO European Commission Regulators of each counties in EU |
| Management Organization of Standard Setter | FASF | FAF | IASCF |
| Standard Setter |
BAC ASBJ |
FASB |
IASB |
| Accounting Standards |
Standards released by ASBJ Statements released by BAC |
USGAAP (SFAS, APB (released by AICPA) etc) |
IAS IFRS (from 2005) |
| AICPA | The American Institute of Certified Public Accountants |
| APB | (Opinion of) the Accounting Principles Boards |
| ASBJ | Accounting Standards Board of Japan |
| BAC | Business Accounting Council (managed by FSA as a public sector) |
| FAF | Financial Accounting Foundation |
| FASB | Financial Accounting Standards Board |
| FASF | Financial Accounting Standards Foundation |
| IAS | International Accounting Standards |
| IASB | International Accounting Standards Board |
| IASCF | International Accounting Standards Committee Foundation |
| IFRS | International Financial Reporting Standards |
| IOSCO |
International Organization of Securities Commissions (consisted of regulators of 102 countries and regions, including FSA and SEC) |
| SEC | The Securities Exchange Commission |
| SFAS | Statements of Financial Accounting Standards |
| USGAAP | United States Generally Accepted Accounting Principles |