Nagamine & Mishima Accounting Office

Accounting practice since 1989

  • English
  • 日本語 (Japanese)
  • About
    • Message from the Managing Partner
    • Leadership
    • Advantage
  • Services
    • Startup Support
    • Expansion Support
    • Crisis Support
    • Cloud Support
  • Resources
    • Seminars
    • Newsletters
    • Monthly Checklists
    • Japanese Business Guide
  • Blog
  • Clients
  • Contact

31st, IASB and FASB, The 2010 Tax Reform, Barrett Niehus

October 8, 2010

1. Accounting (Source: “Keiei Zaimu Magazine”)

IASB and FASB released an exposure draft on lease accounting on Aug 17, 2010.
The exposure draft would eliminate the existing distinction between finance lease and operating lease,
and introduce a right-of-use model where all lease-related assets and liabilities are recognized in balance sheet.

2. Taxation

The 2010 Tax Reform introduces a group taxation regime which is applicable to “group companies”,
domestic companies that are wholly owned by a domestic company, foreign company or individual.
Under the group taxation regime, the recognition of capital gains or losses from the transfer of assets between “group companies” is deferred.
Also as for donation between “group companies”, the donated amount for a donator is not deductible, and for a donatee is not taxable, respecitively.

The above amendments are applicable to the transactions between wholly-owned domestic companies of a foreign company made on or after October 1, 2010,
but not applicable between a foreign company and its wholly-owned domestic company.

3. This Week’s Words of Wisdom

“A goal without a schedule is just a dream.”  (Barrett Niehus)

Your chance to make your goal come true would increase dramatically when you set a specific date for achieving it and put it into action.

Without a definite plan of action, a goal would remain unrealized.

“New Year’s Day is the key of the year.” (Japanese proverb)

September is over now, are you still keeping your New Year’s resolution?

Blog Categories

  • Blog
  • Facts about Tax
  • Newsletter

Need support for your business in Japan?


With over 25 years experience, our team is here to help. Fill out our simple contact form and we will be in touch very shortly.

People are Talking

  • “Nagamine was instrumental in setting up our first Japanese entity in 2008, allowing us to hit the ground running when we arrived.

    Since then they have been crucial in the smooth running of our business. We use them to organize our bookkeeping, payroll and social insurance, tax reports and returns.

    Their bilingual staff are a pleasure to deal with and are always going above and beyond their usual tasks when we need extra help. We find them extremely reliable and we look forward to working with them into the future.”

    Meltwater News Japan, Meltwater group

    Meltwater News Japan