Business Accounting Council of Japan Discussions on IFRS

The Business Accounting Council of Japan (BAC) met on 29 March 2012 to continue planned deliberations over the possible use of IFRS in Japan. No decisions were made at the session but a number of topics were discussed.

The principal topics discussed at the meeting were:

o Nonpublic and medium to small companies - members generally preferred local accounting guidance rather than the use of the IFRS for SMEs

o Audits of IFRS financial statements - the Japanese Institute of CPAs explained an outline of audits of IFRS financial statements, followed by requests and questions to auditors and regulators such as introducing pre-clearance procedures.