Establishment of the Panel on Non-consolidated Financial Statements
September 28, 2010
Financial Accounting Standards Foundation
We hereby announce the establishment of the Panel on Non-consolidated Financial Statements (hereinafter “the Panel”) and its members and observers as attached, owing to cooperation of interested parties.
Objective of establishment
Japan is now working on global convergence of accounting standards. On the treatment of non-consolidated financial statements, the Report by the Business Accounting Council (an advisory body to the Financial Services Agency Commissioner) suggests the approach of “advance application to consolidated financial statements”. However, issues remain to be resolved about how that approach should be applied.
In this context, the Business Accounting Council, at its meeting this August, decided that the Foundation should consider the measures for functional enhancement of standard setting on this issue by the Accounting Standards Board of Japan (ASBJ) and enhanced supports for that purpose by stakeholders including the business community, taking account of ensuring the ASBJ’s independence.
In the light of those circumstances, we decided to establish the Panel within the Foundation to receive high-level input about how to address the convergence for non-consolidated financial statements at the moment.
The Panel will seek consensus on how to address individual accounting standards, after hearing and considering the views of stakeholders. The ASBJ will make final judgments taking the consensus of the Panel into careful consideration.
Composition of the Panel
Contact
Financial Accounting Standards Foundation
Tel: +81-03-5510-2760