JBA(Japan Business Assurance）
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Already over 110 countries in the world have adopted IFRS (International Financial Reporting Standards). In Japan, l IFRS can be adopted voluntarily by listed companies, which meet certain standards, for fiscal years ending on or after 31 March 2010 and proposes allowing a mandatory adoption of IFRS starting in 2015 at the earliest.Introducing IFRS has extensive impacts on numbers in financial statements and financial reporting process, internal control, information system, tax and finance as well as changes in accounting standards toward preparing of financial statements.JBA Group, as accounting professionals with advanced knowledge, provides the client-oriented services for IFRS implementation project through a close communication with clients.
IFRS Trends
■ JAPAN
- IFRS can be adopted voluntarily by listed companies, which meet certain standards, for fiscal years ending on or after 31 March 2010.
- The period of mandatory adoption will be decided by 2012.
■ U.S.
- SEC promotes the convergence to reduce differences between USGAAP and IFRS.
- The proposal concerning early voluntary adoption (on the period of Dec. 2009) for the U.S. listed companies in the roadmap published on Nov. 2008 was backed off.
- The statement of SEC on Feb. 2010 declared that SEC will take a decision on IFRS introduction by 2011.
■ EU
- Listed companies in European Union are required to adopt IFRS on their financial statements starting fiscal 2005.
We think that the accounting standard is the infrastructure of business activity.Adopting IFRS, which is becoming a global accounting standard, will bring many advantages to stakeholders such as investors and analysts, and companies as well.
Business Advantages
- Spreads out globally by accelerating the company valuation, raising capital abroad and promoting rapid decision-making
- Makes the response faster to wants of stakeholders such as investors
- Strengthens the risk management
Management Advantages
- Visualizes the unified direction to strengthen the group management
- Makes the finance operation efficient and can be useful ways to promote related measures such as the trend of setting accounts earlier in the fiscal year
- Enhances the skill for the accounting staffs
To succeed the IFRS transition project, it is required to launch the project team at the earliest possible time, form the specific project plan, efficiently communicate with internal and external stakeholders and offer trainings to internal stakeholders.
Various problems are expected to be faced in conducting IFRS implementation project. JBA Group, as accounting professionals with advanced knowledge, supports to solve these problems.
Exhaustive Understanding on Points
A wide range of points on IFRS implementation project is reviewed and only the necessary key points are identified. Failing to pick out these key points causes the whole project to be delayed. JBA Group proposes the key points to be considered in full detail based on our knowledge and experience.
Priority
Prioritizing many key points and appropriately distributing business resources are the keys to success. JBA Group provides the coherent support from the implementation plan to the project management.
Strengths on JBA Group
Our professionals centering on Japanese and US CPAs and consultants In JBA Group provides hands-on services promptly.
| Strengths on JBA Group | |
|---|---|
| Abundant experience for IFRS | ＜Examples for past performance＞ Listed on first section of Tokyo Stock Exchange (Financial Institutions) : Support for IFRS F/S preparation Listed on first section of Tokyo Stock Exchange (Companies in Manufacture) : Support for IFRS introduction Listed on first section of Tokyo Stock Exchange (Companies in Manufacture) : Work on impact analysis |
| Professionals | Japanese CPAs, US CPAs and Japanese CPTA |
| Hands-on | Possible to work at the customer site as a member of the project team |
| Speed | Prompt correspondence by our flexible organization |
| Global Services | Available in English and Chinese |
Overview of IFRS Implementation Project
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Grasp & Human Resources Development |
Analyze & Assess |
・Grasp impacts on accounting, finance, system, internal control, ,business and human resources etc. ・Review policies dealing with IFRS overall implementation project. ・Review the whole process |
・Report on the impacts over the followings; ・accounting and financial ・system ・internal control ・business ・Plan for IFRS introduction |
| Plan & Performance |
・Determine the accounting policy ・Prepare the position paper ・Prepare the group accounting manual ・Prepare the reporting package ・Go over the managerial accounting, work processand various systems in accordance with accounting policy ・Support for internal control |
・Position paper ・Global accounting manual ・Reporting packages ・Internal control related documents |
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| Implementation & Establishment |
・Settle IFRS BS for the beginning of year ・Operate the new work process etc. ・Disclose in both JP GAAP and IFRS |
・Continuous proposal on business improvement and business efficiency. ・Support for the business with hands-on activities |
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