Objective
On June 19 2013, the Business Accounting Council issued a policy paper titled “The Present Policy on the Application of International Financial Reporting Standards (IFRS).” The paper states, among others, that it is appropriate for the Accounting Standards Board of Japan (ASBJ), which has the capability of accounting standard development, to first examine the standards of IFRSs, so that the Financial Services Agency designate these individual standards in a manner consistent with those applied for the Japanese GAAP.
In response to this recommendation, we established the working group named “Working Group for Endorsement of IFRSs” to proceed with the endorsement process.