Background and problem: With the globalization of financial and capital markets,the internationalization of accounting standards has inevitably become a trend. Overtime Japanese accounting standards have been harmonized and converged towardsIFRSs. The remaining question at the moment is whether Japan should adopt IFRSsor not.Aim: To depict and analyze the developments in Japanese accounting standards inorder to evaluate the potential direction of Japanese accounting standards in nearfuture and assess any changes among Japanese business environment in a practicalcontext in relation to IFRSs.Limitation: The scope of this thesis is to perceive the developments in Japaneseaccounting standards in a more general context such as accounting traditions andhistorical causes etc, without any further comparison between the Japanese GAAPand IFRSs in details.Methodology: Two interviews with Japanese professors have been performed. Theempirical material has been analyzed on the basis of the theoretical frameworkregarding the background and development of Japanese accounting standards inrelation to the internationalization of accounting standards.Result and conclusion: The adoption of IFRSs is assessed to be finalized in Japan invery near future, based on the analysis of the postmodern history of Japaneseaccounting and the accounting situation in Japan. Concerning potential effects ofIFRSs in relation to a series of factors such as Japanese market infrastructure andbusiness environment, Japan is suggested to carefully choose a proper adoptionapproach while implementing IFRSs.Recommendation for further research: A similar study would be conducted aboutfew years from now in order to obtain a more accurate and deep insight into theimpact of IFRSs on both Japanese accounting standards and companies. Anotherstudy group such as accounting companies could contribute a new perception on theissue from different perspective.
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