August 10, 2002
Japan Sets New Accounting Norms
Tokyo, Aug 9: Japan's top financial regulator set new accounting standards on Friday that will force companies to disclose losses on fixed assets such as property and buildings. The value of such assets has been hit by a slide in Japanese property prices over the past decade.
Critics say the new standards, called asset impairment accounting, are needed for greater corporate transparency. The regulator, the Financial Services Agency, said companies must adopt the new method during the two years ending in March 2006.
http://www.financialexpress.com/fe_full_story.php?content_id=14882