Nagamine & Mishima Consulting

Accounting practice since 1989

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82th Accounting practice of “goodwill”, “Corporation” eligibility of Bermuda LPS (the Tokyo High Court), Exemption of Health and Pension insurance payments during employees’ maternity leave, Paul Tillich

1. Accounting (Accounting practice of “goodwill”) At the 9th technical committee meeting of the“Working Group for Endorsement of IFRSs”and the 283rd Baord meeting by the Accounting Standards Board of Japan (ASBJ), ASBJ discussed“amortization of goodwill,” which was listed as one of the issue for endorsement.” In accordance with IFRS3, IFRS set out “goodwill” is not… [Read More]

80th Research on employee benefit cost, Transfers of stock options to the company, Labor-management Agreement on Overtime Work and Holiday Work (36 Agreement), Elbert Hubbard

1. Accounting (Research on employee benefit cost) The research conducted by KEIDANREN (Japan Business Federation) shows that the average Welfare and Benefit cost borne by an employer for an employee from April 2012 to March 2013 was JPY 104,243 per person per month, which was a 0.9% increase over the previous year. Within the cost,… [Read More]

79th Corporate governance, PE and the abolition of the tax exemption principle of mere purchases, Using employees’ private cars for commutation and work, Niccolo Machiavelli

1. Accounting (Source:“Keiei Zaimu Magazine” NO.3144) On November 29th, 2013, the government approved Companies Act amendment in a cabinet meeting to enhance corporate governance. In accordance with this amendment, a company auditor has the right to elect and dismiss accounting auditors. Since a manager of the audited party has the same rights, as well as… [Read More]

78th Japan version IFRS, Joint Tenancy, Labor Contract and Supplementary Obligations, George W. Carver

1. Accounting (Source: “The Nikkei”) Accounting Standards Board of Japan held “Working Group for Endorsement of IFRS’s”, and they began considering creating a Japanese IRFS by partially modifying the global IFRS criteria and also began the study of accounting on an individual basis. Of the accounting treatment in the difference between both systems, the matters… [Read More]

77th IFRS, Tax Reform, What is the difference between holidays and vacations? Harry S. Truman

1. Accounting (Source: Keiei Zaimu Magazine) On 28 October, Financial Services Agency promulgated and executed Partial Revision of Regulations for Consolidated Financial Statements, etc. In this revision, the requirements for Optional Application of IFRS are eased, leaving only the mandate that a company promote and establish a system for ensuring appropriateness of the Consolidated Financial… [Read More]

76th emerging companies, illegitimate child, Dependent Eligibility Requirements, Benjamin Franklin

1.  Accounting (Source: Keiei Zaimu Magazine) Financial System Council at the Financial Services Agency is examining the relaxation of listing requirements for emerging companies in “working groups which are related to the means of funding venture capital to new enterprises and growing companies.” The government made some sort of reference to an American law, JOBS… [Read More]

75th IFRS, a new system for reporting overseas assets applies, Dependent Verification for Employees’ Family Members Residing Abroad, Anatole France

1. Accounting (Source: “Keiei Zaimu Magazine” NO3126) IASB completed the profiles concerning the use of IFRS’s in 66 jurisdictions, including all of the G20 countries plus 46 others. According to the research, 55 jurisdictions (over 80 per cent of the profiles) have adopted IFRS’s for at least some companies in their capital markets. The remaining… [Read More]

74th J-IFRS, the increase in the consumption tax, Dismissing Employees for Incompetence, Eggplant and Cucumber

1.      Accounting（Source: “Keiei Zaimu Magazine”  No. 3121） In June 2013, Financial Services Agency published “the present policy on the application of IFRS”, suggesting the relaxation of requirements for voluntary applications to IFRS and the establishment of a Japanese IFRS, which is “endorsed IFRS” (J-IFRS).  It adopts the standards after eliminating and carving out some standards… [Read More]

73rd the consumption tax, tax haven, Differences between Contractor-Client Contract and Employment Contract, Tadashi Yanai

1.      Accounting (Source: “Keiei Zaimu Magazine NO.  3119”) JICPA confirmed National Tax Agency audit engagements as a transitional measure for the rise in the consumption tax. Accordingly, any audit engagements entered into by the end of September, 2013 may be applicable at the currently prevailing tax rate. In other words, the consumption tax rate will… [Read More]