News Room

Oct. 02, 2009
Sumitomo Corporation

Japan Learns from Australian IFRS Experience

Special Advisor Mr. Noriaki Shimazaki lead a delegation to Australia from the International Financial Reporting Standards (IFRS) Response Council, a body established to implement the adoption of IFRS in Japan. Joining over 100 countries that have already adopted international standards, Japan will introduce IFRS for listed companies on a voluntary basis for the March 2010 year. Mandatory adoption of IFRS is expected from March 2015 or 2016.

The main purposes of the visit were:

o To learn from the Australian experience of the introduction and adoption of IFRS
o To seek and strengthen cooperation in the Asia and Oceania region

High level meetings were held over 4 days in mid September 2009 with representatives from the major regulatory and accounting bodies in Australia, including the Australian Securities and Investment Commission, the Australian Securities Exchange, the Australian Prudential Regulatory Authority, the Financial Reporting Council (FRC), the Australian Accounting Standards Board and the Institute of Chartered Accountants in Australia.

A former Sumitomo Corporation employee and Board member for over 40 years, Mr. Shimazaki now serves a number of public organisations in Japan including as Chairman of the Sub-Committee on Accounting in Keidanren and trustee of the International Accounting Standards Committee Foundation. The Japanese delegation was supported by Sumitomo Australia Pty Ltd and accompanied by Managing Director Takechiyo Tanaka and other senior staff.

Further information about the visit can be found out the FRC website.