Japanese accounts: interpreters needed

Article Abstract:

UK accountants, shareholders, and businesspeople should become more cognizant of the Japanese accounting system due to the increasing importance of Japanese investment and financial power. The Japanese accounting regime is a mixture of a domestic double entry bookkeeping system dating from medieval times, late 19th-century German and French legal codes, and US securities legislation of the post-WWII period. The government exercises a great influence over the accounting regime through the commercial code, the tax law, and through the securities and exchange law. International influences are strong, and many Japanese companies produce versions of their accounts in English, in dollars, and adjusted to US Generally Accepted Accounting Principles. The example of Fujitsu, a public company listed on the Tokyo Stock Exchange, is included.

Japan, Corporations, Fujitsu Ltd., Corporations, Japanese

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EC group accounting: two zillion ways to do it

Article Abstract:

The European Community's (EC) Seventh Directive was implemented to harmonize the group accounting practices across the EC. As consolidation was not widely practiced over Europe until recently, the Seventh Directive, which was published in 1976, is largely based on the practices of the Netherlands, the UK, and Ireland. The Directive makes consolidation mandatory for groups over medium-size, considered to be 250 employees in the UK. Consolidation must include all subsidiaries, foreign and domestic, incorporated and unincorporated. Goodwill must be calculated at fair value, and the equity methods must be used for associated companies.

European Union, European Community

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Piano, piano: Italy implements the directives

Article Abstract:

Italy finally has implemented the European Commission's Fourth and Seventh Directives, which were promulgated for the purpose of harmonizing accounting standards across the European Community. The implementation of the Fourth Directive has added the duty that corporate financial statements present information truly and correctly. The implementation of the Seventh Directive will reduce differences between UK and Italian accounting practice in the area of consolidated accounts, but many differences will remain. The Italian accounting regime will require that historical cost be used as a basis for valuation.

Italy, European Union. European Commission

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