Japanese companies face short-term hit to balance sheets but IFRS adoption will make overseas investment easier
As Japan continues its shift over to international financial reporting standards, it is creating a host of challenges and opportunities for firms and their clients at the start of the new fiscal year.
Although Japan’s Financial Services Agency decided in December 2009 that full adoption of IFRS was voluntary, this year, the asset retirement obligations are compulsory from 1 April, 2010, explained Kana Chiba from the IFRS desk at the Japanese Institute of Certified Public Accountants (JICPA).
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