Changes in Japanese Accounting for Year 2000 and Their Impact on Portfolio Management June 16, 1999
Posted by Haksu Kim in : Uncategorized , add a commentBy Daisuke Yamamoto, Nomura Financial Research Center
Translated by Haksu Kim
Accounting principles in Japan are being greatly progressed for globalization for the coming year 2000. However, an appropriate modification in the accounting system for such accounting principles is as important as those with Y2K problem. This article addresses the Y2K problems in Japanese accounting system.
Especially, it cannot be underestimated for the impact of changes in consolidation of financial statements and employment of mark-to-market to fund management. This page summarizes a series of changes in Japanese accounting system and its impact on earnings.
Plans to Create World’s Largest Accounting and Consulting Firm Abandoned February 14, 1998
Posted by Haksu Kim in : Uncategorized , add a commentBy MELODY PETERSEN
NEW YORK — Ernst & Young and KPMG Peat Marwick abandoned plans to create the world’s largest accounting and consulting firm on Friday after their frustrated leaders concluded that growing opposition from foreign regulators was just too much to make the marriage work.
The decision represented a startling and embarrassing turnabout for the two accounting firms, which had said such a combination, announced only four months ago, was critical to their business and long-term survival.
It also reflected concern about the diminishing number of choices among accounting firms, which perform critical services such as tax preparing and auditing financial records for accuracy.
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Requiring Combined Financial Statements in 1999 by Korean January 30, 1998
Posted by Haksu Kim in : Uncategorized , add a commentBy Kim, Dong Young, Hankuk Daily
Summarized by Haksu Kim
In order to improve transparency of corporate management and financial structure, Congress in Korea prepares regulations that require conglomerates provide combined financial statements beginning for the fiscal year ending year 1999.
Along with an amendment of Ordinance of the Law Regarding External Audit of Corporations, Korean Securities Exchange Commission announced a schedule to promulgate related regulations on preparing combined financial statements, which will be approved by the Commissioners some time in October 1998. The schedules are as following:
French Accountants Criticised by Study December 29, 1995
Posted by Haksu Kim in : Uncategorized , add a commentFinancial Times, By Andrew Jack in Paris
More than one third of France’s top 100 companies fail to provide adequate financial information in their most recent accounts, according to a specialist study by five leading French accounting and consulting firms.
Many of their 1994 annual reports provide insufficient information, a lack of meaningful comparisons and an incoherent presentation of results, says the study published yesterday.
Of the total, 36 companies produce information which is judged unsatisfactory, sometimes failing to meet statutory accounting requirements and often giving the appearance that the annual report is little more than a legal obligation.
The study comes amid growing pressure to reform French accounting standards from shareholders, analysts and many within the profession.
Language Lessons for Accountants July 11, 1995
Posted by Haksu Kim in : Uncategorized , add a commentFinancial reporting is moving towards an international standard, writes Jim Kelly in the Financial Times
The problem with company accounts is that they do not travel well. The lack of a common accounting language, a lingua franca of financial reporting, means that much can get lost in costly translation.
Those who use accounts, particularly investors operating in increasingly integrated capital markets, are often frustrated by the differences between the accounting traditions of the US, continental Europe, and the UK. The problem is that the dominant global financial language is that of the US. This code offers access to the world’s biggest capital market: it is prescriptive, exhaustive, and respected. Unfortunately, few other countries want to speak it: both for cultural and technical reasons.
So attempts are being made to forge a new language to allow companies in different countries to speak to potential investors.
Plan for Global Accounting Standards June 12, 1995
Posted by Haksu Kim in : Uncategorized , add a commentFinancial Times, By Jim Kelly in London and Richard Lapper in Paris
International securities industry regulators yesterday agreed a programme to develop a set of accounting standards by mid-1999 for companies seeking a listing in global markets and for the raising of cross-border capital.
IOSCO, the regulators’ representative organization, has forged an agreement with the International Accounting Standards Committee, the body which is working to produce a global framework for financial reporting.
The IASC and IOSCO’s technical committee, in a joint statement issued in Paris, said their goal was that international accounting standards “can be used worldwide in cross-border offerings and listings as an alternative to those of national accounting standards.”
