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2021-09-02 Publication of Practical Response Report No. 42 “Handling of Accounting and Disclosure When Applying Group Total System”
At the 463rd Accounting Standards Board of Japan held on August 11, 2021, the publication of Practical Response Report No. 42 “Handling of Accounting and Disclosure when Applying the Group Total System” was approved.
https://www.asb.or.jp/jp/accounting_standards/practical_solution/y2021/2021-0812.html

2021-03-01 Publication of Practical Response Report No. 41, “Handling of Transactions for Free Delivery of Shares as Compensation for Directors”, etc.
At the 450th Accounting Standards Board of Japan held on January 27, 2021, Practical Response Report No. 41 “Handling of Transactions for Free Delivery of Shares as Compensation for Directors”, Revised Accounting Standard No. 5 “Accounting Standards for Presentation of Net Assets on Balance Sheet” and the revised Corporate Accounting Standards Application Guideline No. 8 “Application Guidelines for the Accounting Standards for the Presentation of Net Assets Section of the Balance Sheet” was approved.
https://www.asb.or.jp/jp/accounting_standards/practical_solution/y2021/2021-0128.html

2020-12-07 Publication of Practical Response Report No. 40, “Handling of Hedge Accounting for Financial Instruments Referencing LIBOR”
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 “Handling of Hedge Accounting for Financial Instruments Referencing LIBOR” was approved.
https://www.asb.or.jp/jp/accounting_standards/practical_solution/y2020/2020-0929.html

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 “Ordinary General Meeting of Shareholders About ”was 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.
http://www.moj.go.jp/MINJI/minji07_00021.html

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 “Change in accounting policy” 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 “Impact is minor” and 1 had “no impact”. 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 “Agreed Procedure Execution Result Report Format” 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 “Practical Guidelines for the agreed Procedure Work”.
https://jicpa.or.jp/specialized_field/20190906ieg.html

2019-10-06 Publication of “Comments on Audit Standards Revision”, “Interviews on Revision of Interim Audit Standards” and “Comments on Quarterly Review Standards”
The Board of Corporate Accounting (Chairman Yoshihiro Tokuga, Vice President / Professor, Kyoto University) announced at the general meeting held on Tuesday, September 3, 1980, “Opinion on Revision of Auditing Standards” (Attachment 1), “ 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).
https://www.fsa.go.jp/news/r1/sonota/20190904-2.html

2019-10-03 Disclosure of early application of “continuous audit period” of audit corporation in securities report “audit status”
In the fiscal year ended March 31, 2019, there were 83 companies that applied the disclosure of the “continuous audit period” of the audit corporation in the “audit status” 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 (“1951 and beyond”, 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 “Accounting Standard for Calculation of Market Value”
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 “the accounting standards, etc.”).

(1) Corporate Accounting Standard No. 30 “Accounting Standard for Calculation of Market Value”
(2) Revised Corporate Accounting Standard No. 9, “Accounting Standard for Valuation of Inventories”
(3) Revised Corporate Accounting Standard No. 10 “Accounting Standard for Financial Instruments”
(4) Business Accounting Standard Application Guideline No. 31 “Guidelines for Applying Accounting Standards for Fair Value Calculations”
(5) Revised Guidance for Accounting Standards No. 14 “Guidance on Accounting Standards for Quarterly Financial Statements”
(6) Revised Corporate Accounting Standard Guidance No. 19 “Guidance on Disclosure of Fair Value of Financial Instruments”
https://www.asb.or.jp/jp/accounting_standards/accounting_standards/y2019/2019-0704.html

2019-10-01 Announcement of Amended Practical Response Report No. 18, “Present Handling of Accounting for Foreign Subsidiaries in Preparation of Consolidated Financial Statements”
The Accounting Standards Committee of the International Financial Reporting Standard No. 16 “Lease” and the US GAAP Update in the Business Response Report No. 18 “Current Handling of Accounting for Foreign Subsidiaries in the Preparation of Consolidated Financial Statements” We were considering the handling of 2016-02 “Lease (Topic 842)”.

At the 411st Corporate Accounting Standards Committee meeting held on June 27, 2019, the publication of the amended Practical Report No. 18 “Current Handling of Accounting for Foreign Subsidiaries in the Preparation of Consolidated Financial Statements” was approved. It was.
https://www.asb.or.jp/jp/accounting_standards/practical_solution/y2019/2019-0628.html

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