Japanese Accounting and Auditing Topics is hot topics and new pronouncements of Japanese accounting and auditing issues.
Each institution is presented as follows:
ASBJ：Accounting Standards Board of Japan
FASF：Financial Accounting Standards Foundation
JICPA：The Japanese Institute of Certified Public Accountant
FSA：Financial Service Agency
PITF：Practical Issue Task Force
March 2008
ASBJ releases the Accounting Standard for Disclosures about Segments of an Enterprise and Related information and its Implementation Guidance
（March 21, 2008 ASBJ）
The Accounting Standards Board of Japan (ASBJ)issued today the Accounting Standard for Disclosures about Segments of an Enterprise and Related information (Statement No.17) and the Guidance on the Accounting Standard for Disclosures about Segments of an Enterprise and Related information (Guidance No.20).
Details are available here （News No.54 [PDF 209KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/docs/ed21-segments/
ASBJ revises the Accounting Standard for Financial Instruments and issues its Implementation Guidance on Disclosures about Fair Value of Financial Instruments
（March 10, 2008 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has issued a revised Accounting Standard - ASBJ Statement No. 10 (revised 2008) Accounting Standard for Financial Instruments and its Implementation Guidance - ASBJ Guidance No.19 Guidance on Disclosures about Fair Value of Financial Instruments on March 10, 2008.
Details are available here （News No.53 [PDF 150KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/docs/fv-kaiji/
Effective for fiscal years beginning on or after April 1, 2009. Earlier application is permitted.
ASBJ releases Accounting Standard and Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method
（March 10, 2008 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has today issued an Accounting Standard – ASBJ Statement No.16 Accounting Standard for Equity Method of Accounting for Investments and PITF No.24 Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method).
Details are available here （News No.52 [PDF 175KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/docs/equity_method/
January 2008
ASBJ releases the Exposure Draft Implementation Guidance on determining a subsidiary and an affiliate
（January 24, 2008 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has released for public comment the Exposure Draft of Guidance on determining a subsidiary and an affiliate (Exposure Draft of Guidance No.28) on January 24, 2008.
Details are available here (News No.51 [PDF 154KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/exposure_draft/VC-hanni/
December 2007
ASBJ releases Issue Paper on Accounting for Research and Development Costs
（December 27, 2007 ASBJ）
The Accounting Standards Board of Japan has today released for public comment an Issue Paper on Accounting for Research and Development Costs.
Details are available here (News No.50 [PDF 172KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/summary_issue/kenkyukaihatsu/
Issue Paper on Amendments to Accounting for Business Combinations
（December 27, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has released for public comment an Issue Paper on Amendments to Accounting for Business Combinations on December 27, 2007.
The comment deadline is February 4, 2008.
Details are available here (News No.49 [PDF 131KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/summary_issue/bc_revise/
Exposure Draft of Accounting Standard for Asset Retirement Obligations and Its Implementation Guidance
（December 27, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has released for public comment the Exposure Draft of Accounting Standard for Asset Retirement Obligations (Exposure Draft of Statement No.23) and the Exposure Draft of Guidance on Accounting Standard for Asset Retirement Obligations (Exposure Draft of Guidance No.27).
The comment deadline is Feburary. 4, 2008.
Details are available here (News No.48 [PDF 138KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/exposure_draft/aro/
Effective for fiscal years beginning on or after April 1, 2010. Earlier application is permitted.
Accounting Standard for Construction Contracts and its Implementation Guidance
（December 27, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has released the Accounting Standard for Construction Contracts (Statement No.15) and the Guidance on Accounting Standard for Construction Contracts (Guidance No.18) on December 27, 2007.
Details are available here (News No.47 [PDF 162KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/docs/kouji-keiyaku/
Effective for fiscal years beginning on or after April 1, 2009. Earlier application is permitted.
Release of Project Plan – Initiatives toward international convergence of accounting standards based on the Tokyo Agreement
（December 6, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) works on the initiatives toward international convergence of accounting standards, based on the “Medium-Term Operating Policy” issued in June 2007.
On December 6 2007, ASBJ publishes the new Project Plan which is based on the Tokyo Agreement on achieving convergence of accounting standards jointly announced with the International Accounting Standards Board (IASB) in August 2007.
Details are available here (News No.46 [PDF 122KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/press_release/overseas/pressrelease_20071206.php
November 2007
Revised Implementation Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures
（November 15, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has issued a revised Implementation Guidance - ASBJ Guidance No. 10 (revised 2007) Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures on November 15, 2007.
Details are available here (News No.45 [PDF 161KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/docs/ketsugou_bunri_3/
Effective for organizational restructurings beginning on or after April 1, 2008, Earlier application is permitted.
September 2007
Practical Guidelines on Accounting Standards for Preparing Consolidated Statements of Cash Flows
Accounting System Committee Report No.8 Partial Amendments to Practical Guidelines on Accounting Standards for Preparing Consolidated Statements of Cash Flows
（September 4, 2007 JICPA）
The Accounting System Committee of JICPA issued Accounting System Committee Report No.14 Partial Amendments to Practical Guidelines on Accounting Standards for Preparing Consolidated Statements of Cash Flows on September 4, 2007.
Details are available here (News No.44 [PDF 107KB]) in Japanese only.
The original document in Japanese is available at JICPA website.
http://www.hp.jicpa.or.jp/specialized_field/post_908.htm
Effective for fiscal years ending on or after September 4, 2007, and interim periods within those fiscal years.
Exposure Draft of Accounting Standard for Disclosures about Segments of an Enterprise and Related information and its Implementation Guidance
（September 4, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has released for public comment the Exposure Draft of Accounting Standard for Disclosures about Segments of an Enterprise and Related information (Exposure Draft of Statement No.21) and the Exposure Draft of Guidance on Accounting Standard for Disclosures about Segments of an Enterprise and Related information (Exposure Draft of Guidance No.26) on September 4, 2007.
Details are available here (News No.43 [PDF 178KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/exposure_draft/ed21-segments/
Effective for fiscal years beginning on or after April 1, 2010.
August 2007
Exposure Draft of Accounting Standard for Construction Contracts and its Implementation Guidance
（August 30, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has released for public comment the Exposure Draft of Accounting Standard for Construction Contracts (Exposure Draft of Statement No.20) and the Exposure Draft of Guidance on Accounting Standard for Construction Contracts (Exposure Draft of Guidance No.25) on August 30, 2007.
Details are available here (News No.42 [PDF 163KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/exposure_draft/kouji-keiyaku/
The ASBJ and the IASB announce Tokyo Agreement on achieving convergence of accounting standards by 2011
（August 8, 2007 ASBJ）
Ikuo Nishikawa, Chairman of the Accounting Standards Board of Japan (ASBJ), and Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), jointly announced an agreement (known as the Tokyo Agreement) to accelerate convergence between Japanese GAAP and International Financial Reporting Standards (IFRSs), a process that was started in March 2005.
Details are available here (News No.41 [PDF 201KB]) in Japanese only.
The original document is available at ASBJ website.
http://www.asb.or.jp/html/press_release/overseas/pressrelease_20070808.php
http://www.asb.or.jp/html_e/asbj/pressrelease/pressrelease_20070808_e.php
Exposure Draft of Proposed Amendments to Implementation Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures
（August 2, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has issued released for public comment the Exposure Draft of Proposed Amendments to ASBJ Guidance No. 10 Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures (Exposure Draft of Guidance No.24) on August 2, 2007.
Details are available here (News No.40 [PDF 125KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/exposure_draft/ketsugou_bunri_3/
Practical Solution on Accounting for Trusts (PITF No.23) （August 2, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has Practical Solution on Accounting for Trusts (PITF No.23) on August 2, 2007.
Details are available here (News No.39 [PDF 136KB]) in Japanese only.
July 2007
Exposure Drafts of Proposed Amendments to Accounting Standard for Financial Instruments and its Proposed Implementation Guidance on Disclosures about Fair Value of Financial Instruments
（July 20, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has released for public comment the Exposure Draft of Proposed Amendments to Accounting Standard for Financial Instruments (Exposure Draft of Statement No.19) and the Exposure Draft of Proposed Implementation Guidance on Disclosures about Fair Value of Financial Instruments (Exposure Draft of Guidance No.23) on July 20, 2007.
Details are available here (News No.38 [PDF 161KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/exposure_draft/fv-kaiji/
Effective for fiscal years beginning on or after April 1, 2009. Earlier application is permitted.
Paper on retrospective adjustment （July 9, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has released for public comment an issue Paper on retrospective adjustment on July 9, 2007.
Details are available here (News No.36 [PDF 223KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/summary_issue/retro/
June 2007
- Revised Accounting Standard – ASBJ Statement No. 10 Accounting Standard for Financial Instruments
（June 15, 2007 ASBJ）
Accounting System Committee Report No.14 Partial Amendments to Practical Guidelines on Accounting Standards for Financial Instruments
（July 4, 2007 JICPA）
The Accounting Standards Board of Japan (ASBJ) has issued a revised Accounting Standard – ASBJ Statement No. 10 Accounting Standard for Financial Instruments on June 15, 2007.
The Accounting System Committee of JICPA issued Accounting System Committee Report No.14 Partial Amendments to Practical Guidelines on Accounting Standards for Financial Instruments on July 4, 2007.
Details are available here (News No.37 [PDF 120KB]) in Japanese only.
The original document in Japanese is available at ASBJ and JICPA website.
http://www.asb.or.jp/html/documents/docs/rev_f_instr2/
http://www.hp.jicpa.or.jp/specialized_field/14_8.html
Effective for fiscal years ending on or after September 30, 2007, and interim periods within those fiscal years.
May 2007
Paper on Accounting for Asset Retirement Obligations （May 30, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has released for public comment an Issue Paper on Accounting for Asset Retirement Obligations on May 30, 2007.
Details are available here (News No.35 [PDF 210KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html//documents/summary_issue/aro/
- ASBJ Statement No. 14 Partial Amendments to Accounting Standard for Retirement Benefits (Part2)
（May 15, 2007 ASBJ）
Accounting System Committee Report No.13 Partial Amendments to Practical Guidelines on Accounting Standards for Retirement Benefits (Interim Report)
（June 12, 2007 JICPA）
The Accounting Standards Board of Japan (ASBJ) has issued an Accounting Standard - ASBJ Statement No. 14 Partial Amendments to Accounting Standard for Retirement Benefits (Part2) on May 15, 2007.
The summary is available in English.
http://www.asb.or.jp/html_e/technical_topics_reports/retirement_benefit/retirement_benefit_as.php
The Accounting System Committee of JICPA issued Accounting System Committee Report No.13 Partial Amendments to Practical Guidelines on Accounting Standards for Retirement Benefits (Interim Report) on June 12, 2007.
Details are available here (News No.34 [PDF 120KB]) in Japanese only.
The original document in Japanese is available at ASBJ and JICPA website.
http://www.asb.or.jp/html/documents/docs/taikyu-2/index.php
http://www.hp.jicpa.or.jp/specialized_field/13_5.html
Effective for fiscal years beginning on or after April 1, 2007.
April 2007
Implementation Guidance - ASBJ Guidance No. 17
Guidance on Accounting for Compound Financial Instruments with Option to increase Paid-in Capital
（April 25, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has issued Implementation Guidance - ASBJ Guidance No. 17 Guidance on Accounting for Compound Financial Instruments with Option to increase Paid-in Capital on April 25, 2007.
Details are available here (News No.33 [PDF 202KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/docs/cb_cb/
Effective for fiscal years ending on or after the release of this Implementation Guidance, and interim periods within those fiscal years.
The Audit and Assurance Implementation Committee Report No. 81
"Tentative Audit Treatment for Depreciation"
（April 25, 2007 JICPA）
The Audit and Assurance Committee of JICPA issued The Audit and Assurance Implementation Committee Report No. 81 “Tentative Audit Treatment for Depreciation” on April 25, 2006.
Details are available here (News No.32 [PDF 168KB]) in Japanese only.
The original document in Japanese is available at JICPA website.
http://www.hp.jicpa.or.jp/specialized_field/81_1.html
Effective for fiscal years ending on or after April 1, 2007.
Treatment for residual book value of existing assets is effective for fiscal years beginning on or after April 1, 2007.
Audit first Committee Report No. 42
Revision of "Audit Treatment for Reserves of Special Taxation Measures Law, and Allowances or Reserves of Special Law"
（April 13, 2007 JICPA）
The Audit first Committee of JICPA issued Revision of “Audit Treatment for Reserves of Special Taxation Measures Law, and Allowances or Reserves of Special Law” on April 13, 2007.
Details are available here (News No.30 [PDF 166KB]) in Japanese only.
The original document in Japanese is available at JICPA website.
http://www.hp.jicpa.or.jp/specialized_field/42.html
Effective for audit engagements for fiscal years beginning on or after April 1,2007.
Earlier application is permitted.
March 2007
Accounting Standard for Lease Transactions (ASBJ Statement No.13) and its Implementation Guidance(ASBJ Guidance No.16)
（March 30, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has issued an Accounting Standard - ASBJ Statement No. 13 Accounting Standard for Lease Transactions and its Implementation Guidance - ASBJ Guidance No. 16 Guidance on Accounting Standard for Lease Transactions on March 30, 2007.
Details are available here (News No.31 [PDF 220KB])in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/docs/Lease_55/
Effective for fiscal years beginning on or after April 1, 2008.Earlier application is permitted.
The Accounting Practice Committee Report Amendments to Implementation Guidance for Tax Effect Accounting
（March 29 & April 9, 2007 JICPA）
The Accounting Practice Committee of JICPA issued Revision of Amendments to Implementation Guidance for Tax Effect Accounting and Q&A on March 8 and April 9, 2007.
Details are available here (News No.29 [PDF 188KB])in Japanese only.
The original document in Japanese is available at JICPA website.
http://www.hp.jicpa.or.jp/specialized_field/post_248.htm
http://www.hp.jicpa.or.jp/specialized_field/11_2.html
Implementation Guidance on Disclosures about Certain Special Purpose Entities (ASBJ Guidance No.15)
（March 29, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) released Implementation Guidance on Disclosures about Certain Special Purpose Entities (ASBJ Guidance No.15) on March 29, 2007.
Details are available here (News No.27 [PDF 139KB])in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/docs/spe-kaiji/
Effective for fiscal years beginning on or after April 1, 2007 and for interim periods within those fiscal years. Earlier application is permitted.
Transition policies for interim periods are also mentioned in this Implementation Guidance.
Accounting Standard for Quarterly Financial Reporting(ASBJ Statement No. 12) and its Implementation Guidance (ASBJ Guidance No.14)
（March 14, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) released an Accounting Standard - ASBJ Statement No. 12 Accounting Standard for Quarterly Financial Reporting and its Implementation Guidance - ASBJ Guidance No. 14 Guidance on Accounting Standard for Quarterly Financial Reporting on March 14, 2007.
Details are available here (News No.28 [PDF 373KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/docs/ed16_shihanki/
Effective for fiscal years beginning on or after April 1, 2008.
Audit Committee Report No. 63
Revision of "Accounting, Presentation and Audit Treatment for Various taxes"
（March 8, 2007 JICPA）
The Audit Committee of JICPA issued Revision of “Accounting, Presentation and Audit Treatment for Various taxes” on March 8, 2007.
Details are available here (News No.26 [PDF 114KB]) in Japanese only.
The original document in Japanese is available at JICPA website.
http://db.jicpa.or.jp/visitor/search_detail.php?id=1066
Effective for audit engagements for fiscal years ending on or after the release of this revised report, and audit engagements for interim periods.
February 2007
Revised Practical Solution on Accounting for Transfer between Retirement Benefit Plans
(February 7, 2007 ASBJ）
The Accounting Standards Board of Japan (ASBJ) released a revised PITF No.2 (revised 2007) Practical Solution on Accounting for Transfer between Retirement Benefit Plans on February 7, 2007.
Details are available here (News No.25 [PDF 132KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/docs/rev_pension/
Effective for fiscal years beginning on or after April 1, 2007.
Application for fiscal years after the release of this revised PITF No.2 is also permitted.
December 2006
Exposure Draft of Proposed Amendments to Accounting Standard for Lease Transactions (Exposure Draft of Statement No.17) and its Implementation Guidance(Exposure Draft of Guidance No.21)
(December 27, 2006 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has released for public comment the Exposure Draft of Proposed Amendments to Accounting Standard for Lease Transactions (Exposure Draft of Statement No.17) and the Exposure Draft of Proposed Amendments to Guidance on Accounting Standard for Lease Transactions (Exposure Draft of Guidance No.21).
Details are available here (News No.23 [PDF 148KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/exposure_draft/Lease_55_2/Lease_55_2.php
Effective for fiscal years beginning on or after April 1, 2008.
Earlier application is permitted.
Revised Implementation Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures
(December 22, 2006 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has released a revised Implementation Guidance -ASBJ Guidance No. 10 (revised 2006) Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures on December 22, 2006.
Details are available here (News No.24 [PDF 205KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/implementation_guidance/
November 2006
The Audit and Assurance Implementation Committee Report No. 75
Amendments to Implementation Guidance for Preparation of Audit Report
(November 10, 2006 JICAP)
The Audit and Assurance Committee of JICPA issued The Audit and Assurance Implementation Committee Report No. 75 “Amendments to Implementation Guidance for Preparation of Audit Report” on November 10, 2006.
Details are available here (News No.22 [PDF 124KB]) in Japanese only.
The original document in Japanese is available at JICPA website.
http://db.jicpa.or.jp/visitor/search_detail.php?id=840
Effective for fiscal years ending on or after November 10, 2008. Earlier application is permitted.
The Accounting Practice Committee Research Report No. 12
Tentative Financial Reporting Standards
(November 10, 2006 JICPA)
The Accounting Practice Committee of JICPA issued Accounting Practice Committee Research Report No. 12 “Tentative Financial Reporting Standards " on 10 November 2006.
Details are available here (News No.21 [PDF 156KB]) in Japanese only.
The original document in Japanese is available at JICPA website.
http://db.jicpa.or.jp/visitor/search_detail.php?id=841
Exposure Drafts of Accounting Standard for Quarterly Financial Reporting (Exposure Draft of Statement No.16) and its Implementation Guidance (Exposure Draft of Guidance No.20)
（November 1, 2006 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has today released for public comment the Exposure Draft of Accounting Standard for Quarterly Financial Reporting (Exposure Draft of Statement No.16) and the Exposure Draft of Guidance on Accounting Standard for Quarterly Financial Reporting (Exposure Draft of Guidance No.20).
The comment deadline is December 25, 2006.
Details are available here (News No.20 [PDF 171KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/exposure_draft/ed16_shihanki/ed16_shihanki.php
Effective for fiscal years beginning on or after April 1, 2008.
October 2006
PITF No.22 Practical Solution on Tentative Treatment of Accounting for Government Grants for Employees' Pension Fund under the Welfare Pension Insurance Law
（October 27, 2006 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has today issued PITF No.22 Practical Solution on Tentative Treatment of Accounting for Government Grants for Employees' Pension Fund under the Welfare Pension Insurance Law on October 27, 2006.
Details are available here (News No.19 [PDF 124KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/docs/kofukin/
Effective after the release of this PITF.
Exposure Draft of Proposed Amendments to PITF No.2 Practical Solution on Accounting for Transfer between Retirement Benefit Plans (Exposure Draft of PITF No. 25)
（October 27, 2006 ASBJ）
The Accounting Standards Board of Japan (ASBJ) released for public comment the Exposure Draft of Proposed Amendments to PITF No.2 Practical Solution on Accounting for Transfer between Retirement Benefit Plans (Exposure Draft of PITF No. 25) on October 27, 2006.
Details are available here (News No.18 [PDF 119KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/exposure_draft/rev_pension/rev_pension.php
Effective for fiscal years ending on or after the release of this amended PITF, and interim periods within those fiscal years.
Exposure Draft of Cabinet Office Act regarding Terminology, Form and Reporting Methodology of Financial Statements and Others
(October 24, 2007 FSA）
The Financial Services Agency issued “Exposure Draft of Cabinet Office Act regarding Terminology, Form and Reporting Methodology of Financial Statements and Others” on October 24, 2006.
Details are available here (News No.17 [PDF 142KB]) in Japanese only.
The original document in Japanese is available at FSA website.
http://www.fsa.go.jp/news/18/syouken/20061024-1.htm
Revision of Accounting Practice Committee Statement No.14 "Practical Guidelines on Accounting Standards for Financial Instruments" and "Revision of Q&A on Accounting for Financial Instruments"
(October 20, 2006 JICPA）
The Accounting Practice Committee of JICPA issued "Revision of Accounting Practice Committee Statement No.14 'Practical Guidelines on Accounting Standards for Financial Instruments' and "Revision of Q&A on Accounting for Financial Instruments" on October 20, 2006. These revisions were made because the accounting for carrying amounts of monetary liabilities including bonds was changed as a result of the issue of Accounting Standard - Statement No.10 "Accounting Standards for Financial Instruments" by the ASBJ on August 11, 2006, and the measurement of inventories was changed as a result of the issue of Accounting Standard - Statement No.9 "Accounting Standards for Measurement of Inventories" on July 5, 2006.
Details are available here (News No.16 [PDF 147KB]) in Japanese only.
The original document in Japanese is available at JICPA website.
http://db.jicpa.or.jp/visitor/search_detail.php?id=811
Effective for fiscal years ending on or after August 11, 2008, and interim periods within those fiscal years.
Application for fiscal years beginning on or after May 1, 2006 and before August, 11 2006, and interim periods within those fiscal years is also permitted.
Accounting Standard for Related Party Disclosures (ASBJ Statement No. 11) and its Implementation Guidance (ASBJ Guidance No. 13)
(October 17, 2006 ASBJ）
The Accounting Standards Board of Japan (ASBJ) issued an Accounting Standard - ASBJ Statement No. 11 Accounting Standard for Related Party Disclosures and its Implementation Guidance - ASBJ Guidance No. 13 Guidance on Accounting Standard for Related Party Disclosures on October 17, 2006.
Details are available here (News No.15 [PDF 129KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://db.jicpa.or.jp/visitor/search_detail.php?id=811
The summary in English will be available shortly.
http://www.asb.or.jp/html_e/technical_topics_reports/related_party/related_party_ig.php
Effective for fiscal years beginning on or after April 1, 2008.
Application for fiscal years beginning on or after April 1, 2007 is also permitted.
The Industry Committee No. 37
Audit treatment for Provisions of Loss on Reimbursement of Interest (of the excess payments from consumer) for Consumer Finance Companies
（October 13, 2006 JICPA）
The Industry Committee of JICPA issued the Revision of "Q&A on Determination of Scope of Subsidiaries and Others in Consolidated Financial Statements" on October 13, 2006.
Details are available here (News No.14 [PDF 148KB]) in Japanese only.
The original document in Japanese is available at JICPA website.
http://db.jicpa.or.jp/visitor/search_detail.php?id=758
Effective for audit engagements for fiscal years endig on or after September 1, 2006, and audit engagements for interim periods within those fiscal years.
Earlier application is permitted.
Release of Project Plan Concerning the Development of Japanese Accounting Standards
- Initiatives towards the international convergence of accounting standards in light of the equivalence assessment by the EU
（October 12, 2006 ASBJ）
The Accounting Standards Board of Japan (ASBJ) has decided to formulate and release “ASBJ Project Plan” focusing on accounting standards development projects related to convergence in an attempt to indicate the status of initiatives of the ASBJ in a clearer manner to various constituencies in Japan and abroad on Octorber12, 2006.
Details are available here (News No.13 [PDF 211KB]) in Japanese only.
The original document is available in Japanese and in English at ASBJ website.
http://www.asb.or.jp/html_e/asbj/pressrelease/pressrelease_20061012_e.php
http://www.asb.or.jp/html/international_issue/convergence/convergence_061012.php
Revision of "Q&A on Determination of Scope of Subsidiaries and Others in Consolidated Financial Statements"
（October 5, 2006 JICPA）
The Auditing and Assurance Practice Committee of JICPA issued the Revision of "Q&A on Determination of Scope of Subsidiaries and Others in Consolidated Financial Statements" on October 5, 2006, in order to bring its Q&A into line with PITF No.20 "Practical Solution on Application of Control Criteria and Influence Criteria to Investment Associations" issued by the Accounting Standards Board of Japan (ASBJ) on September 8, 2006. The title of this Q&A was changed to "Q&A on Audit Treatment for the Determination of Scope of Subsidiaries and Associates in Consolidated Financial Statements."
Details are available here (News No.12 [PDF 124KB]) in Japanese only.
The original document in Japanese is available at JICPA website.
http://db.jicpa.or.jp/visitor/search_detail.php?id=753
September 2006
- Exposure Draft of Implementation Guidance No. 19 Guidance on Accounting for Compound financial instruments with option to increase paid-in capital
（September 22, 2006 ASBJ）
The Accounting Standards Board of Japan (ASBJ) released for public comment Exposure Draft of Implementation Guidance No. 19 Guidance on Accounting for Compound financial instruments with option to increase paid-in capital on September 22, 2006.
Details are available here
(News No.11 [PDF 157KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/exposure_draft/cb_cb/cb_cb.php
Effective for fiscal years ending on or after the release of this implementation Guidance, and interim periods within those fiscal years.
Application for fiscal years beginning on or after May 1, 2006 and before the release of this implementation Guidance, and interim periods within those fiscal years is also permitted.
The Audit and Assurance Implementation Committee Report No. 75
Exposure Draft of Amendments to Implementation Guidance for Preparation of Audit Report
（September 13, 2006 JICPA）
The Audit and Assurance Committee of JICPA issued The Audit and Assurance Implementation Committee Report No. 75 “Exposure Draft of Amendments to Implementation Guidance for Preparation of Audit Report ” on September 13, 2006.
Details are available here
(News No.10 [PDF 120KB]) in Japanese only.
The original document in Japanese is available at JICPA website.
http://db.jicpa.or.jp/visitor/search_detail.php?id=562
PITF No.21 Practical Solution on Investors' Accounting for Limited-Liability Partnerships and Limited-Liability Companies
（September 8, 2006 ASBJ）
The Accounting Standards Board of Japan (ASBJ) issued PITF No.21 Practical Solution on Investors' Accounting for Limited-Liability Partnerships and Limited-Liability Companies on September 8, 2006.
Details are available here
(News No.9 [PDF 131KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/
Effective for fiscal years ending on or after the release of this PITF, and interim periods within those fiscal years.
PITF No.20 Practical Solution on Application of Control Criteria and Influence Criteria to Investment Associations
（September 8, 2006 ASBJ）
The Accounting Standards Board of Japan (ASBJ) issued PITF No.20 Practical Solution on Application of Control Criteria and Influence Criteria to Investment Associations on September 8, 2006.
Details are available here
(News No.8 [PDF 135KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/
Effective for financial statements of the fiscal years ending on or after the release of this PITF, and financial statements for interim periods within those fiscal years.
Audit Committee Report No. 56
“Revision of Audit Treatment for Unification of Accounting Policies applied among Parent Company and Subsidiaries ” , and Revision of related Q&A.
（September 7, 2006 JICPA）
The Audit Committee of JICPA issued “Revision of Audit Treatment for Unification of Accounting Policies applied among Parent Company and Subsidiaries ” , and Revision of related Q&A on September 7, 2006.
Details are available here
(News No.7 [PDF 124KB]) in Japanese only.
The original document in Japanese is available at JICPA website.
http://db.jicpa.or.jp/visitor/search_detail.php?id=560
Effective for fiscal years ending on or after September 30, 2006 and financial statements of those periods.
August 2006
- Form and Preparation Methodology of Brief Financial Report in relation to the overall review of the Report
（August 29, 2006 Tokyo Stock Exchange）
The Tokyo Stock Exchange issued Form and Preparation Methodology of Brief Financial Report in relation to the overall review of the Report on August 29, 2006.
Details are available here
(News No.6 [PDF 137KB]) in Japanese only.
The original document in Japanese is available at Tokyo Stock Exchange website.
http://www.tse.or.jp/listing/kessan/tanshin/k-youryo.html#kisai
Effective for the Press Release of Financial Data for fiscal year ended March 2007, and for Press Release of Financial Data for interim periods ended September 2007.
Practical solutions - PITF No. 19 Tentative Solution on Accounting for Deferred Assets
（August 11, 2006 ASBJ）
The Accounting Standards Board of Japan (ASBJ) issued practical solutions - PITF No. 19 Tentative Solution on Accounting for Deferred Assets on August 11, 2006.
Details are available here
(News No.5 [PDF 137KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/docs/d_asset/
Effective for fiscal years ending on or after the release of this PITF, and interim periods within those fiscal years.
Application for fiscal years beginning on or after May 1, 2006 and before the release of this PITF, and interim periods within those fiscal years is also permitted. Transition policies are also mentioned in this PITF.
Revised Accounting Standard - ASBJ Statement No. 10 Accounting Standards for Financial Instruments
（August 11, 2006 ASBJ）
The Accounting Standards Board of Japan (ASBJ) issued a revised Accounting Standard - ASBJ Statement No. 10 Accounting Standards for Financial Instruments on August 11, 2006.
Details are available here
(News No.4 [PDF 117KB]) in Japanese only.
The original document is available in Japanese only.
http://www.asb.or.jp/html/documents/docs/rev_f_instr/
The summary of the Statement will be released in English shortly.
http://www.asb.or.jp/html_e/technical_topics_reports/financial_instruments/financial_instruments_standard.php
Effective for fiscal years ending on or after the release of this revised accounting standard.
Application for fiscal years beginning on or after May 1, 2006 and before the release of this revised accounting standard, and interim periods within those fiscal years, is also permitted.
The Accounting Practice Committee Research Report No. 12
Exposure Draft of Tentative Financial Reporting Standards
（August 2, 2006 JICPA)
The Accounting Practice Committee of JICPA issued Accounting Practice Committee Research Report No. 12 “Exposure Draft of Tentative Financial Reporting Standards " on August 2, 2006.
Details are available here
(News No.3 [PDF 140KB]) in Japanese only.
The original document in Japanese is available at JICPA website.
http://db.jicpa.or.jp/visitor/search_detail.php?id=452
July 2006
- Exposure Drafts of Proposed Amendments to Accounting Standard for Lease Transactions and its Implementation Guidance
（July 5, 2006 ASBJ）
The Accounting Standards Board of Japan (ASBJ) released for public comment the Exposure Draft of Proposed Amendments to Accounting Standard for Lease Transactions and the Exposure Draft of Proposed Amendments to Guidance on Accounting Standard for Lease Transactions on July 5, 2006.
Details are available here
(News No.2 [PDF 134KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/exposure_draft/lease_55/lease_55.php
To be decided upon further discussion.
Accounting Standard - ASBJ Statement No. 9 Accounting Standards for Measurement of Inventories
（July 5, 2006 ASBJ）
The Accounting Standards Board of Japan (ASBJ) issued an Accounting Standard - ASBJ Statement No. 9 Accounting Standards for Measurement of Inventories on July 5, 2006.
Details are available here
(News No.1 [PDF 136KB]) in Japanese only.
The original document in Japanese is available at ASBJ website.
http://www.asb.or.jp/html/documents/docs/inv/
The summary of the Statement is available in English.
http://www.asb.or.jp/html_e/technical_topics_reports/inventories/inventories_statement.php
Effective for fiscal years beginning on or after April 1, 2008.
Earlier application is permitted.
