In response IASB’s recent discussions, Accounting Standards Board of Japan (ASBJ) announced that they will consider amending the classification of financial instruments. Specifically, they will explore the possibility of classifying financial instruments based on fair value measurement with a view to simplifying the existing classification by holding purposes, i.e. available-for sale securities, held-to-maturity securities, subsidiary/associated company equities and other securities.
By virtue of the 2009 Tax Reform, non-residents and foreign companies investing in Japanese investment limited partnerships are now exempt from the 20% withholding tax on profits provided that the foreign investor is not directly involved in the management and operation of the partnership, in which case the foreign investor will be regarded not to have a PE in Japan.
Words of Wisdom
Quote of the week:
“…what does the storm mean to me if I have a compass, and what do events matter if I have my conscience!..”
This is a saying by Victor Hugo, who is a renowned French poet, novelist and statesman.
Among the books I read last year , “Les Miserables” impressed me the most. As the title “How miserable” indicates, it really describes miserable people.
Although the saying above is not from “Les Miserables”, this powerful message that seems to strongly resemble Hugo’s life truly empowers us.