Having decided that unifying accounting standards within the Kao Group will contribute to improving the quality of its business management, the Kao Group voluntarily adopted International Financial Reporting Standards(IFRS) from the first quarter of fiscal 2016.
The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board(IASB), today announced that Wayne Upton will take over as Chair of the IFRS Interpretations Committee from Robert Garnett.
In particular, they noted that the European Commission has started a process of establishing equivalence between international accounting standards and existing Japanese standards and urged that work to establish equivalence be concluded as soon as possible and at any rate before 2007.
The International Accounting Standards Board, as a consequential amendment to IFRS 13'Fair Value Measurement', modified some of the disclosure requirements in IAS 36'Impairment of Assets' regarding measurement of the recoverable amount of impaired assets.
In a speech given in Seoul, Korea, Hans Hoogervorst, Chairman of the International Accounting Standards Board(IASB), stressed that'greater discipline' is needed in the use of non-GAAP measures.
In this context, they noted that the European Commission has started a process of establishing equivalence between international accounting standards and existing Japanese standards and urged that work to establish equivalence be concluded as soon as possible and at any rate before 2007.
We also encouraged the International Accounting Standards Board to further improve the involvement of stakeholders, including outreach to, and membership of, emerging market economies, in the process of setting the global standards, within the framework of independent accounting standard setting process.
Summit leaders welcomed the specific dialogues, such as those taking place in the framework of the EU-Japan High Level Meeting on Financial Issues that address issues of common interest and aim to find a satisfactory solution on equivalence between Japanese accounting standards and International Accounting Standards.
The IFRS Foundation is an independent, not-for-profit organisation that works in the public interest to develop- via its standard-setting body, the International Accounting Standards Board(IASB)- and promote the use of a single set of high quality International Financial Reporting Standards(IFRSs).
We re-emphasized the importance we place on achieving a single set of improved high quality global accounting standards and called on the International Accounting Standards Board and the Financial Accounting Standards Board to complete their convergence project by the end of 2011.
For example, beginning this fiscal year, the Company will be transitioning to international financial reporting standards(IFRS) and the background leading up to this decision has been conveyed unambiguously to employees. It seems to me that it is this accumulation of communication that plays an important role in the shared awareness that is corporate culture.
London and Norwalk, CT, December 16, 2011- The International Accounting Standards Board(IASB) and the Financial Accounting Standards Board(FASB) today issued common disclosure requirements that are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company's financial position.
The FASF, the Accounting Standards Board of Japan, the IFRS Foundation Trustees and the International Accounting Standards Board have reaffirmed their commitment towards the objective of a single set of high quality, global accounting standards and noted the importance of the IFRS Foundation's Asia-Oceania office in further promoting cooperation in the region.
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