The IFRS Foundation, the oversight body of the London-based International Accounting Standards Board (IASB), intends to open an office in Tokyo for liaison in the Asia-Pacific region. While the IASB technical staff will remain based in London, the establishment of the Tokyo office will expand opportunities for direct contact between the IFRS Foundation and its stakeholders in the region.
The IFRS Foundation anticipates that Foundation and IASB resources will be deployed in Tokyo to assist in ongoing consultations and to provide assistance to those countries using or planning to adopt International Financial Reporting Standards (IFRS).
Tsuguoki (Aki) Fujinuma, vice-chair of the trustees, said: “This important announcement reflects a strong regional commitment to international standards, and the need for the views of Asia-Pacific stakeholders to be adequately considered during the IASB’s decision-making process. Adoption of IFRS is widespread in Asia-Pacific. Here in Japan, companies are now permitted to use IFRS, and the Japanese FSA is expected to make a decision on mandating adoption of IFRS in 2012.”
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