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Feb 23, 2011 Trustee, IFRS Foundation Chairman, International Affairs Committee, The IFRS Council of Japan Special Adviser, Sumitomo Corporation Noriaki.

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Presentation on theme: "Feb 23, 2011 Trustee, IFRS Foundation Chairman, International Affairs Committee, The IFRS Council of Japan Special Adviser, Sumitomo Corporation Noriaki."— Presentation transcript:

1 Feb 23, 2011 Trustee, IFRS Foundation Chairman, International Affairs Committee, The IFRS Council of Japan Special Adviser, Sumitomo Corporation Noriaki Shimazaki 2011 IFRS Conference in Taiwan The Current Situation of IFRS Foundation and Activities in Japan

2 Standard-setting 1 1. Organization of IFRS Foundation Monitoring Board of public capital market authorities IFRS Foundation Trustees (Governance) IASB (IFRSs/IFRS for SMEs) IFRS Advisory Council IFRS Foundation support operations Education Initiative, IFRS Taxonomy (XBRL), Content Services IFRS Interpretations Committee (IFRICs) SME Implementation Group appoints, monitorsreport to oversee, review effectiveness, appoint and financeinforms provides strategic advice SourceWho we are and what we do (IASB/IFRSF) informappoint 22 person 16 person 14 person 40 person

3 2. Personnel Organization of IFRS Foundation Number of Person Asia Oceania North America EuropeOthersVacancy IFRS Foundation 227 Japan 2, China, Australia, India Hong Kong, South Korea 632 Brazil, South Africa 4 IASB164 Japan, China, Australia, India 452 Brazil, South Africa 1 IFRS Interpretations Committee 144 Japan, China, Australia, New Zealand 46

4 3 1 Current issues related to Running costs and Funding Shortage of funds, Free rider Contribution widely from all countries which implemented IFRS 2 Change of IASB Chair Expiry date of Sir David Tweedie is June, 2011 Twin Head: Mr. Hans Hoogervorst (Chair) and Mr. Ian Mackintosh (Vice-chair) 3 Change of Trustees Chair From Mr. Gerrit Zalm to Mr. Tommaso Padoa-Schioppa Sudden passing away of Mr. Schioppa 4 Strategic Review C omprehensive review of the IFRS Foundations strategy for next decade Four areas of Principle: Mission, Governance, Process and Financing 5 Establishment of satellite office New challenge for London-based IASB is responding to the global needs on a timely fashion The major countries of Asia-Oceania region are moving to mandatory use or convergence of IFRS through 2011 to 2012 3. Current activities of IFRS Foundation

5 4 1 The IFRS Council of Japan To focus on helping accurate understanding of the proposed standards to share correct understandings, and finally to form a shared perception as the basis for formulation of the opinion that represents Japan as a whole How to promote Japanese presence at international forefront 4. Activities for smooth application of IFRS in Japan

6 2 IFRS Implementation Task Force Establishment October, 2009 (We have 13 times of meeting) Objectives a. To support smooth implementation of IFRS for companies that is to apply IFRS on a voluntary basis b. To accumulate and organize the practical issues raised in application of IFRS, and share respective experiences c. To minimize unnecessary costs for IFRS implementation Organizers Japan Business Federation and JICPA Members 21 companies belonged to Japan Business Federation Big 4 auditing firms (KPMG, DTT, E&Y and PWC) Observer: FSA, ASBJ and Tokyo Stock Exchange Points under discussion First-time adoption Revenue Recognition Tangible Assets Intangible Assets Financial Instruments Consolidation Post-retirement Benefit Trust 4. Activities for smooth application of IFRS in Japan 5

7 1 Feedback of discussion To serve as a bridge between the principles of IFRS and accounting practice To prepare practical examples based on the discussions of the Task Force and distribute the examples to member companies of Japan Business Federation To distribute the presentation materials from auditors as Appendix Practical examples are prepared and published by Japan Business Federation To hold a seminar for member companies of Japan Business Federation (1,300 companies) based on the materials Persons in charge of Task Force member companies serve as lecturers of the seminar FSA, JICPA and ASBJ participate in the seminar as observers 2 Examples of Q&A (First-time adoption) Q1 How to treat first-time adoption in Japanese Headquarters in case that subsidiaries in Europe had already applied first-time adoption in 2005? Q2 In case that the retroactive application of IFRS should be applied, until when we trace and re-calculate? Q3 Are there any special treatments (alleviations) besides exemption of IFRS 1? Q4 The meaning of Foreign currency transaction adjustments could be reset? Q5 When the announcement of voluntary application of IFRS should be done to the market? Q6 How to treat the accounting system when we adopt IFRS first time? (Company should prepare financial statements by current accounting standards and IFRS) 5. Feedback of discussion in IFRS implementation T/F 6

8 7 6. Strengthening relationship in Asia-Oceania and expressing views to IASB 1 Importance of Asia-Oceania region 8 out of G20 (Share:40%) are Asia-Oceania countries 1/3 of financial contribution to IFRS Foundation comes from this region Asia-Oceania is the engine of recent global economic growth To express consolidated views in the region to IASB, and to aim setting accounting standards reflecting views of this region as much as possible To support activities of IASB as 3 rd force besides USA and Europe 2. Relationship in Asia-Oceania 1) Japan-Australia: Learning from Australias model Australia mission (Sep, 2009) (JBF, JICPA and FASF) Building relationship with accounting professions, industries and governments Seminar Learning IFRS adoption - a case in Australia- held on 8 Feb, 2011 in Tokyo 2) Japan-India Sharing experiences with India that in the same stage India mission (Feb and Apr. 2010) (JBF, JICPA, FASF, TSE and FSA) Formalizing the India-Japan IFRS Dialogue by signing of MOU 2010( in Tokyo): 26 July –Dialogue/ 27 July - Forum Establishment bilateral relationship with Asia-Oceania countries is expected to be integrated to multi-national relationship 3. Arrangements for strengthening relationship in the Asia-Oceania region 1 AOSSG Asia-Oceania Standard Setters Group) meeting 2 nd AOSSG meeting held on Sep, 2010 in Tokyo, 24 countries 2 Establishing satellite office of IFRS Foundation in Asia-Oceania region

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