Asr, Topic 1 Essay

In: Business and Management

Submitted By Ivylee20
Words 950
Pages 4
Primary benefits
Obviously, the IFRS adoption will bring a great deal of benefit to Japan. At first, the IFRS adoption will assist Japanese corporations especially those large MNCs embracing the global capital market in fast speed. As world’s third large economy, Japan houses a great number of prestigious international corporations, such as Toyota, Sharp, Sony and Toshiba etc. However, the discrepancy between local GAAP and IFRS to some extent hinders those Japanese MNCs from entering into the global market. In this condition, the adoption of IFRS by Japan is to eliminate this discrepancy and improve the understandability of financial statement of those MNCs, which is determinant for global investors for their capital investment decision (IASPUS, 2016). Secondly, the adoption of IFRS by Japan is going to enhance the compatibility of financial statements provided by Japanese corporations. The survey of IFRS in 2015 indicates that over 174 jurisdictions, as well as large entities in the world, have already taken IFRS for their corporate disclosure (IFRS, 2015). Therefore, it seems to be extremely urgent for Japan to adopt IFRS as it determines the acceptability of its large entities to the global GAAP. The financial report prepared in accordance with IFRS is taken as more compatible, which is beneficial for its stakeholders to understand and compare before their decision making. Thirdly, the IFRS adoption by Japan is going to improve nation’s capital market, making it more international-standardized at all. According to World Federation of Exchanges, Japan owns one of the world’s largest equity markets, which requires Japan to adopt more standardized GAAP for global investors (IASPLUS, 2004). The convergence of Japan GAAP to IFRS is about to improve the confidence of global investors, which ultimately improve its influence in the global equity market.


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