006 ASBJ Renew the schedule of a project
Accounting Standards Board of Japan (ASBJ) renewed the schedule of an announced project on 12th April, 2010, in which they renew accounting standards. Renewal took place only once in a year, but from now more frequent renewals are planned whenever necessary, reflecting acceleration of convergence on accounting standards.
Standards to be renewed in this year are business combination, ntangible assets, presentation of financial statements (comprehensive profit), fair value, retirement benefit, and earnings per share. Continuing renewal projects in and after the next year are 15, including emission credit which has been newly added. There are still many issues left to argue.
Accounting standards and information for disclosure are expected to become more complicated in the future.
Considering the situation where it stays difficult for those who passed the CPA exams to get a job in general companies (not in audit corporations or accounting firms), we are wondering if individual investors and related parties will get well informed of those renewals.
