The Certified Public Accountants Law of 7948 established the Japanese Institute of Certified Public Accountants (JICPA).
This can be considered the beginning of the modern accounting profession in Japan.
The JICPA has been heavily involved in the international harmonization process, being one of the nine founding members of the IASC.
Compared to the AICPA in the United States, the influence of the |ICPA on financial reporting in Japan has been minor.
Its traditional role has been basically to implement the decisions made by the Ministry of Finance (MoF).
It has issued recommendations on minor accounting issues, guidelines, and interpretations of accounting and auditing standards