1. Developments in the convergence of accounting standards
(1) Developments in Japanese accounting standards Japanese accounting standards have undergone significant improvement particularly since the late 1990s, in line with the global developments in accounting standards, aimed at providing investors with an enhanced set of information. Within a short period of time, new sets of standards (e.g. those for consolidation, financial instruments, post-retirement benefits, impairments of fixed-assets, and business combinations) have been formulated, and today, Japanese accounting standards can be considered as of high quality. Besides, they are, taken as a whole, consistent with global accounting standards, albeit some differences.
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