Nagamine & Mishima Consulting

Accounting practice since 1989

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44th, the Japan Leasing Association, The Act on Special Measures concerning Taxation, Brillat-Savarin, French gastronome

April 15, 2011

1. Accounting (Source : “Keieizaimu Magazine”)

According to a survey by the Japan Leasing Association, 67% of 171 respondents comprised of customers of selected leasing companies (including 115 listed companies) said that “It is appropriate to account for operating lease under the existing lease rules, and on-balance sheet treatment is not suitable”.  The survey was conducted in response to the proposed new Lease Accounting Standards released by the IASB and FASB last August, which requires all leasing transactions to be capitalized on the balance sheet.  The proposed rules also require companies to estimate the term of the lease by factoring in renewal/cancellation options attached to lease contracts.  When asked about estimating the longest possible term with a probability of more than 50%, 90% of the companies responded that “It is inappropriate” and 94% of the respondents said “Estimation is difficult.”

2. Taxation (Source: “Zeimu Tsushin Magazine”)

The Act on Special Measures concerning Taxation which was scheduled to expire on March 31, 2011 has been provisionally extended to June 30, 2011.  Meanwhile, the tax rate reductions that were proposed under the 2011 Tax Reform will not take effect.  For small and medium sized companies, tax rates were supposed to go down from 22% to 19% by revision of the Corporation Tax Law and to 15% by revision of the Special Taxation Measures Law.

3.This Week’s Words of Wisdom (Source: “The World of Famous E-quotes”)

“The discovery of a new dish does more for human happiness than the discovery of a new star.”
(Brillat-Savarin, French gastronome)

Brillat-Savarin again.  I like his way of thinking.

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  • “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