International Financial Reporting Standards IFRS were called very Anglo-Saxon in nature at a Japan CFO conference held in Tokyo last week, prompting support for a regional accounting practices group to influence global standards setting.
We should talk to all the countries in this region Asia-Pacific and make our needs known, said Noriaki Shimazaki, a trustee on the International Accounting Standards Board IASB committee and an executive vice-president at Sumitomo Corporation, in regards to accounting standards. This would benefit the implementation of IFRS.
Regional influence at the global accounting body would also ease the cost of transitioning to a new set of standards for many Asian corporates. The alternative being, as Masato Marumo,...
