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Friday, July 27, 2007

News: Issues Paper on Accounting Changes

On July 9, 2007, the Accounting Standards Board of Japan (ASBJ) issued Issues Paper on Accounting Changes.
In the existing Japanese GAAP, restatements of financial statements for previous years are not allowed.
The Paper identifies and discusses issues related to accounting changes. It is a general expectation that new accounting standards would require restatements for previous financial statements retroactively for comparative purposes. This project is a part of ASBJ's activities toward enhancing international convergence.

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