BusinessCompany NewsEU angers Japanese over accounts differences

EU angers Japanese over accounts differences

Japanese companies may have to file separate financial statements in Europe

European financial regulators have stirred up another international accounting controversy by suggesting that Japanese companies may have to file additional financial statements in the EU.

Link: IFRS update 2 – a management briefing

Japanese lobby groups claim that the burdens added by the recommendations from the Committee of European Securities Regulators could force Japanese companies out of the EU market, according to the Financial Times.

Paul Koster chairman of the CESR group that carried out the study defended its position, but conceded that the body needed to produce a clearer definition of what he thought were significant differences between the accounting standards.

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