IFRS Standards in Japan
The IASB and the Accounting Standards Board of Japan (ASBJ) have been working together to achieve convergence of IFRS Standards and Japanese Generally Accepted Accounting Principles (GAAP) since 2005. This work was formalised in 2007 with the Tokyo Agreement. In December 2009 the Japanese Financial Services Agency (FSA) permitted certain qualifying domestic companies to apply IFRS Standards for fiscal years starting ending on or after 31 March 2010.
The MoU between the IASB and the ASBJ has been superseded by Japan's membership of the Accounting Standards Advisory Forum (ASAF). For further information about Japan and IFRS Standards visit the jurisdiction profiles page.