The Financial Reporting Committee aims to promote the convergence of Japanese accounting standards with international standards through limiting or reducing reconciling items between IFRS/US GAAP group reporting and JGAAP statutory reporting.
In correspondence with the standard setters and other relevant bodies, the committee seeks clarification on grey areas or the implications of new standards from a JGAAP, IFRS, or US GAAP perspective, and also aims to provide input to the JIFRS standard setting process.