b>2003 JAPAN LAW: INTERNATIONAL ACCOUNTING STANDARDS
Keywords: Accounting, Corporate Law
Copyright 2004. All rights reserved Attorney Roderick H. Seeman
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A series of articles in the Japanese press expressed great frustrations with the plans for establishing international accounting standards. The Japanese have noted that by 2005 the EU has announced that all member nations will be implementing the international accounting standards. The Japanese bitterly complained that while the standards are being called international very little heed was given to the opinions of the Japanese and their practices. On the contrary, the word is getting out that firms seeking to issue securities in the European markets must also adopt such international accounting standards. As the Japanese issue a large number of bonds in Euromarkets, this is expected to have a major impact on Japanese business.