[ Nippon Keidanren ] [ Policy ]
October 21, 2003

Seeking International Collaboration
on Accounting Standards

Nippon Keidanren
(Japan Business Federation)

[ Executive Summary ]

[ Proposals ]


I. International Collaboration on Accounting Standards

  1. Development of Japan's accounting and auditing standards
  2. Mutual recognition of accounting standards in Japan, the United States, and Europe

II. The Desirable Form of the IASB

  1. Large-scale review of IASB governance
  2. Opinions on specific points at issue
    (1) Reporting Performance
    (2) Full fair value accounting for financial instruments
    (3) Accounting for post-employment benefits including pensions

[ Appendix ]

Nippon Keidanren (Japan Business Federation)

Japan Business Federation is a comprehensive economic organization born in May 2002 by amalgamation of Keidanren (Japan Federation of Economic Organizations) and Nikkeiren (Japan Federation of Employers' Associations). Its membership of 1,584 is comprised of 1,268 companies including 79 foreign ownership, 126 industrial associations, and 47 regional employers' associations (as of May 31, 2003).

Mission of the Federation is to achieve a private sector-led, vital and affluent economy and society in Japan, for which it will demonstrate its leadership and in setting the path for the country. Establishment of free, fair, and transparent market economy under the principles of self-responsibility is essential. This should lead to recovery of national economy into hands of the private sector in seeking healthy growth of both Japan's and global economy.

1-9-4, Otemachi, Chiyoda-ku, Tokyo 100-8188 JAPAN

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