Accounting Books

Accounting Magazine

The impact and issues of adopting IFRSs from the perspective of issuers of financial statements

Hiroshi Yamada
Senior Councilor, General Manager, Accounting Group, Tokyo Branch Office
Panasonic Corporation

Summary

The adoption of IFRSs is frequently discussed in Japan after the US SEC announced a road map plan of adopting IFRSs in 2008. This paper analyzes the impact on management and accounting practice by adopting IFRSs including the topics related to MoU (Minutes of Understanding) projects jointly under development between the IASB and the FASB. This paper also reviews the method to be used and issues of adopting IFRSs from the perspective of issuers of financial statements.