|2021-09-02||Publication of Practical Response Report No. 42 âHandling of Accounting and Disclosure When Applying Group Total Systemâ|
|At the 463rd Accounting Standards Board of Japan held on August 11, 2021, the publication of Practical Response Report No. 42 âHandling of Accounting and Disclosure when Applying the Group Total Systemâ was approved.|
|2021-03-01||Publication of Practical Response Report No. 41, âHandling of Transactions for Free Delivery of Shares as Compensation for Directorsâ, etc.|
|At the 450th Accounting Standards Board of Japan held on January 27, 2021, Practical Response Report No. 41 âHandling of Transactions for Free Delivery of Shares as Compensation for Directorsâ, Revised Accounting Standard No. 5 âAccounting Standards for Presentation of Net Assets on Balance Sheetâ and the revised Corporate Accounting Standards Application Guideline No. 8 âApplication Guidelines for the Accounting Standards for the Presentation of Net Assets Section of the Balance Sheetâ was approved.|
|2020-12-07||Publication of Practical Response Report No. 40, âHandling of Hedge Accounting for Financial Instruments Referencing LIBORâ|
|The publication of LIBOR will end at the end of December 2021, and the interest rates referenced for contracts that refer to LIBOR may change. The Accounting Standards Board of Japan was considering the accounting problems caused by this, including the necessity of developing standards. At the 442nd Accounting Standards Board of Japan held on September 24, 2020, the publication of âHandling of Hedge Accounting for Financial Instruments Referencing LIBORâ was approved.|
|2020-03-31||Points to note when holding a general meeting of shareholders related to the coronavirus infection (published by the Ministry of Justice)|
|In the event that the Ministry of Justice could not hold the Ordinary General Meeting of Shareholders on February 28, 2020, related to this new type of coronavirus infectious disease at the originally scheduled time, please note that the âOrdinary General Meeting of Shareholders About âwas published. The main contents are as follows.
(1) If it is not possible to hold a general meeting of shareholders at the time specified in the Articles of Incorporation in connection with the new type of coronavirus infection, hold the general meeting of shareholders within a reasonable period after the situation is resolved. Is enough.
(2) If the articles of incorporation specify a record date for exercising voting rights at the general meeting of shareholders, there may be situations in which the general shareholders meeting cannot be held within three months from the record date in relation to a coronavirus infection. In such a case, a new record date for exercising voting rights shall be established, and the record date shall be announced two weeks prior to the record date.
(3) Even if the articles of incorporation stipulate that a specific date is the record date for dividends of surplus, it is not possible to pay dividends from the specific date as the record date in relation to the new type of coronavirus infection. When a situation arises, it is possible to set a date different from the specific date as a reference date for the distribution of the surplus, and make a public notice to pay the dividend.
|2019-11-19||Early adoption of revenue recognition accounting standards|
|According to the article on Management Finance No. 3426, 8 companies disclosed that accounting standards for revenue recognition were early applied (as of September 23), and 28 companies in the previous survey (as of July 10) At the same time, the number of early adopters is 36 (limited to companies that have made early note in the âChange in accounting policyâ in the securities report or quarterly report). The eight companies that were found to be early applied in this survey were timed for early adoption of 7 companies from the beginning of the fiscal year ending March 2020 and 1 company from the beginning of the fiscal year ending February 2020. As for the impact, 4 out of 8 companies increased, 1 decreased, 2 had âImpact is minorâ and 1 had âno impactâ. In principle, the new accounting policy will be applied retroactively to all past periods in the first year of the application of revenue recognition accounting standards. However, according to the proviso to paragraph 84, a new accounting policy will be applied before the beginning of the first year of application. The cumulative effect of the first year of application of a new accounting policy can be adjusted to the retained earnings at the beginning of the first year of application, and a new accounting policy can be applied from the beginning balance. All of the eight companies mentioned above applied the transitional measures in the proviso to paragraph 84.|
|2019-10-06||Announcement of the format of the report on the results of agreed procedures regarding cashless and consumer returns business|
|Operating expenses for payment operators, etc. to implement point reduction using cashless payment methods for small and medium-sized businesses as a measure for leveling demand in response to the consumption tax rate increase from October 1, 2019 A cashless / consumer return business will be carried out to assist some of the expenses.
Inefficiency of points, etc. used in calculating the subsidy amount for cashless issuers (subcontractors who have purchased cashless payments) that receive subsidies in this project The usage rate must be confirmed by a certified public accountant or an audit corporation.
Regarding the confirmation work by this certified public accountant or audit corporation, the âAgreed Procedure Execution Result Report Formatâ has been announced on the Cashless and Consumer Returns Business Website. This format describes the procedures that are expected to be performed by a certified public accountant or an audit corporation in this confirmation. Using this format, the business will be carried out in accordance with the 4400 âPractical Guidelines for the agreed Procedure Workâ.
|2019-10-06||Publication of âComments on Audit Standards Revisionâ, âInterviews on Revision of Interim Audit Standardsâ and âComments on Quarterly Review Standardsâ|
|The Board of Corporate Accounting (Chairman Yoshihiro Tokuga, Vice President / Professor, Kyoto University) announced at the general meeting held on Tuesday, September 3, 1980, âOpinion on Revision of Auditing Standardsâ (Attachment 1), â We have compiled a written opinion on revision of interim audit standards (Attachment 2) and a written opinion on revision of quarterly review standards (Attachment 3).|
|2019-10-03||Disclosure of early application of âcontinuous audit periodâ of audit corporation in securities report âaudit statusâ|
|In the fiscal year ended March 31, 2019, there were 83 companies that applied the disclosure of the âcontinuous audit periodâ of the audit corporation in the âaudit statusâ required to be disclosed from the securities report for the fiscal year ending March 31, 2020 in the fiscal year ended March 31, 2019. Management Finance 2019-09-02).
More than half of the 83 companies (45 companies) had a period of 1 to 15 years, 22 companies from 15 to 30 years, and the remaining 16 companies had a duration of 31 years or more.
The longest disclosed period is 68 years (â1951 and beyondâ, EY Sinnihon, food), and it is said that the audit of listed companies based on the Securities and Exchange Law was started in 1951 in Japan. The 68 years are considered to be the longest period in Japan.
|2019-10-02||Announcement of Corporate Accounting Standard No. 30 âAccounting Standard for Calculation of Market Valueâ|
|The Corporate Accounting Standards Committee, at the 381st Corporate Accounting Standards Committee held in March 2018, worked to ensure consistency with international accounting standards, mainly with regard to guidance and disclosure regarding the fair value of financial instruments. We decided to start and were considering.
The 411st Corporate Accounting Standards Committee meeting held on June 27, 2019 approved the publication of the following corporate accounting standards and corporate accounting standard application guidelines (hereinafter collectively referred to as âthe accounting standards, etc.â).
(1) Corporate Accounting Standard No. 30 âAccounting Standard for Calculation of Market Valueâ
(2) Revised Corporate Accounting Standard No. 9, âAccounting Standard for Valuation of Inventoriesâ
(3) Revised Corporate Accounting Standard No. 10 âAccounting Standard for Financial Instrumentsâ
(4) Business Accounting Standard Application Guideline No. 31 âGuidelines for Applying Accounting Standards for Fair Value Calculationsâ
(5) Revised Guidance for Accounting Standards No. 14 âGuidance on Accounting Standards for Quarterly Financial Statementsâ
(6) Revised Corporate Accounting Standard Guidance No. 19 âGuidance on Disclosure of Fair Value of Financial Instrumentsâ
|2019-10-01||Announcement of Amended Practical Response Report No. 18, âPresent Handling of Accounting for Foreign Subsidiaries in Preparation of Consolidated Financial Statementsâ|
|The Accounting Standards Committee of the International Financial Reporting Standard No. 16 âLeaseâ and the US GAAP Update in the Business Response Report No. 18 âCurrent Handling of Accounting for Foreign Subsidiaries in the Preparation of Consolidated Financial Statementsâ We were considering the handling of 2016-02 âLease (Topic 842)â.
At the 411st Corporate Accounting Standards Committee meeting held on June 27, 2019, the publication of the amended Practical Report No. 18 âCurrent Handling of Accounting for Foreign Subsidiaries in the Preparation of Consolidated Financial Statementsâ was approved. It was.
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