[ Nippon Keidanren ] [ Policy ] [ Index ]

Seeking International Collaboration
on Accounting Standards

[ Appendix ]

Comparison on Accounting and Auditing Standards

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.

Structure of Japan, US, and EU etc

MarketJapanUSEU etc
Regulator Financial Services Agency
European Commission
Regulators of each counties in EU
Management Organization of
Standard Setter
Standard Setter BAC
Accounting Standards Standards released by ASBJ
Statements released by BAC
(SFAS, APB (released by AICPA) etc)
(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

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