About On the path to international convergence of accounting standards in Japan and Implications for.docx
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About On the path to international convergence of accounting standards in Japan and Implications for.docx
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AboutOnthepathtointernationalconvergenceofaccountingstandardsinJapanandImplicationsfor
AboutOnthepathtointernationalconvergenceofaccountingstandardsinJapanandImplicationsforChina
Abstract:
AfterWorldWarII,Japanhasexperiencednearly40yearsofrapideconomicdevelopment,becameaworldeconomicpower,butwiththe‘realestatebubble’burst,Japanhasexperienceda‘lostdecade’,thedomesticeconomystalledbefore.togetridofdifficulties,buttotheJapaneseauthoritiesimplementedaseriesofreformmeasures,whichnaturallyincludestheaccountingsystemreforminJapan.alongwiththeIASB’ssuccessfulreorganization,andJapanacceleratetheprocessofinternationalconvergenceofaccountingstandards,andwiththeIASBjointlydevelopedaconvergencetimetableandroadmaptoJapanasanarrowstripofwaterwithourneighbors,theirsocial,culturalandaccountingsystemwithChinahasmuchincommon,sotheJapanesepathtointernationalconvergenceofaccountingstandardsinChinahasaveryimportantreference.
PaperKeywords:
Japaneseaccountingstandards,internationalconvergence,IASB,ABSJ
1Japaneseaccountingstandard-settingmodelofreforminthecontextWitheconomicglobalizationandtheinternationalizationofcapitalmarketscontinuestodevelop,Japanisfacingincreasingchallenges,forcedtoimplementaseriesofinstitutionalchanges,themostnotableinitiativesistofurtherpromotethemarket-orientedreforms,whichstartedtheaccountingstandard-settingprocessofthecivilJapaneseaccountingstandard-settingbythegovernment-ledtocommunity-drivenreformcontext,includingthefollowingthreeaspects.
1.1JapanesecorporatefinancechangesintheenvironmentSincethe1990s,withtherealestatebubbleburst,Japan’scommercialbankssufferedhugenon-performingloanproblems,itsinfluencecontinuestodecline,hasnocapacityforenterprisedevelopmenttoprovidestrongfinancialsupport,forcingJapan’slargeenterprises,havetocapitalmarketsforfunding.
Intheincreasinglyfierceinternationalcompetition,accordingtointernationallyacceptedaccountingstandardstodiscloseinformationinordertoincreasethetransparencyofthefinancialpositiontoraisesufficientequitycapital,hasbecomeamajorchallengefacingJapanesecompanies,therefore,canprovidefull,transparentaccountinginformationdirectlyaffectthecompetitivenessofenterprises.forcedbythepressureofbusiness,theJapaneseauthoritiesbegantoreformtheaccountingstandard-settingprocesstoimprovethequalityofaccountinginformation.
1.2ForeigninvestorsdonottrusttheJapaneseaccountingstandardsJapan’sbubbleeconomyburst,inparticular,fallinglandpricestriggeredbythefinancialcrisishadalargenumberofnon-performingloans,financealargenumberofbusinessfailuresinthisenvironment,inordertoimprovethecapitalmarkettoobtaindisclosureofthetrusttheinternationalcommunity,Japanhasimplementedmajorreformoftheso-calledaccounting(BigBang.Tothisend,then,astheaccountingstandard-settingbodiescorporateaccountinghearing(hereinafterreferredtoastheBADCactivelypromotethereconstructionofaccountingstandardsandthedevelopmentofanewaccountingstandard(ShaoLanLan,2003,but1997TheAsianfinancialcrisishittheJapanesefinancialsystemonceagainthecredibilityoftheinternationalcommunityhasintensifiedtheirdistrustofdisclosureofinformationfromthe1999JapanesecompanieslistedoverseasannualreportpreparedbytheEnglisharerequiredtodisclosethe‘followtheJapaneseMinistryofFinanceaccountingstandardsandnormsindifferentcountries,‘theadditionalinstructions,seetheinternationalcapitalmarketsinJapantherearedeepconcernsabouttheaccountingsystem.Inordertoeliminatethisconcern,theinternationalcommunitytoimprovetrustintheJapaneseaccountingsystem,theestablishmentofinternationallyrecognizedaccountingstandardsandstandard-settingapproachisparticularlynecessary.
1.3InternationalAccountingStandardsCommittee(IASCpressureInternationalAccountingStandardsBoard(hereinafterreferredtoIASCinDecember1999officiallylaunchedtherestructuringprocessandvotefortheseven-membernominatingcommittee,whichhastheworld’ssecondlargestcapitalmarketinJapan,BoYangwasinvitedtoparticipate.Untilnow,Japanreallyrealizedthatonlytheaccountingstandard-settingsystemforstructuralreformsinordertorestoretheconfidenceoftheinternationalcommunityforJapaninJuly.2000,isabouttobecometheInternationalAccountingStandardsBoard(hereinafterreferredtoIASBChairmanDavid?
Teddy(DavidTweediesaidthatifJapanisnotestablishedbefore2000anewaccountingstandard-settingbody,thenin2001formallyestablishedthenewCouncil,Japanwillbeleftbehind(Nihon
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