Company Reporting, a leading UK-based Wolters Kluwer research and benchmarking service on International Financial Reporting Standards (IFRS) reporting practices, today announced a major reseller agreement with FA Insight LLC, an independent research and professional development organisation in Japan.
Wolters Kluwer Company Reporting services will deliver to FA Insight customers best practice and benchmarking research on IFRS financial statements of public companies across Europe and other major IFRS geographies. As a part of this reseller agreement, FA Insight will make Company Reporting’s services available throughout Japan and will undertake local language translations of some of the content to suit subscriber needs.
With Japan widely expected to make a mandatory move to IFRS, recent developments have encouraged wider use of IFRS by listed companies. Eligible listed companies in Japan have been permitted to use IFRS as designated by the Financial Services Agency of Japan (FSA) in their consolidated financial statements, in lieu of Japanese GAAP. In June 2013, a report by the Japanese Business Accounting Council (BAC) recommended a number of measures to contribute to greater use of IFRS in Japan. Among others, the key recommendations in the final BAC report were to increase the number of companies that can adopt designated IFRS on a voluntary basis by eliminating certain eligibility requirements (already implemented in October 2013).
IASB’s recent estimates suggest that companies with market capitalisation of over 20% of the companies listed in Tokyo would report under IFRS in 2014. Wolters Kluwer Company Reporting, along with FA Insight, intend to bring greater awareness on the use of IFRS to financial reporting by providing best practice and benchmarking references across the peer group of listed companies across Europe.
The enhanced IFRS research functionality that this arrangement brings to Japanese accountants through access to www.companyreporting.com will provide best-in-class tools for enhancing financial reporting knowledge and guidance, based on the highest professional, technical and ethical standards.
“The regular, in-depth and well-researched technical updates and reports issued by Company Reporting will underpin a mutually beneficial partnership that delivers measurable value for both parties and their members/subscribers,” says Omkar Joshi, product head for Company Reporting at Wolters Kluwer UK.
Ted Terasaki, founder and principal at FA Insight, says: “FA Insight is continuously working to improve its offering to its subscribers and the accounting community in Japan. Access to Wolters Kluwer Company Reporting’s CR Plus service will complement our other services and offer useful information for organisations seeking to improve the quality of their financial reporting or phase a successful transition to IFRS.”