Japan to adopt limited IFRS standards- How IFRS’s are applied in the world
Japan’s Financial Services Agency has announced that it will adopt limited International Financial Reporting Standards (IFRS). The FSA remains committed, it said, to further voluntary adoptions. One key consideration was that Japan regards IFRS as designed for economies dominated by capital markets, whereas Japan and many other Asian countries operate with different market and economic structures. The decision was taken after the FSA commissioned a review on the impact of IFRS on Japan’s economy conducted by Tomo Suzuki, the professor of accounting at Oxford University’s Said Business School.
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