■ 国際会計研究学会 年報 2015 年度 第 2 号

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Summary of Articles

Present State and Challenges of the International
Integrated Reporting Framework - PrinciplesBased Approach, Comparability and National
Jurisdictions Kenichi Sota
Kagoshima Prefectural CollegeThis paper examines the present state andchallengesof
Integrated
Reporting
Framework (hereafter “FW”) from threeperspectives - the principles-based approach,comparabilityandjurisdictions
withreference to preceding studies and casestudies of integrated reports published byairline companies.
When an attempt to shift to a new
accounting standard or an information
disclosure system occurs, the effects of suchtransition are limited in the beginning.
This is also evident from the fact that thenumber of companies adopting IFRS was
initially small but is growing every year. In
the case of the integrated reports discussed
in this paper, the effects are also expected tomagnify and become more certain ascompanies improve the contents andmethods of disclosure in the process of its
adoption.
At the same time, the development process
for setting standards can be accelerated byhaving multiple standard-setting bodies
engaged in the standard development
process, with bodies involved learning fromeach other’s accounting standard theories
and the actual status of disclosure, it isexpected that accounting regulations as awhole can evolve faster than having a single
body handling the development process (i.e.
improvement in usefulness).
As far as the history of the establishmentof the International Integrated Reporting
Council indicates, the relationship of bodies
involved in setting accounting standards inthe context of international accounting
regulations is one of competition andcooperation
occurring
simultaneously(co-opetition).
Althoughsuchanenvironment will allow each country’ssystems and FW based on a highly affinitive
principles-based approach to manifest thebenefits of becoming more easily accessible
to cross jurisdictions, this paper notes thatthe comparability of integrated reports
resulting from such benefits may decrease.
The results of the case studies imply that
future challenges may include the necessity
for quality assurance of integrated reports.
Since disclosing optimal information on
corporate entities to various stakeholders
and securing comparability are subject to a
trade-off relationship, it is desirable in thefuture to improve guidelines for thepreparation of FW or integrated reports
through the accumulation of best practices.

79

Distinction between Liabilities and Equity inIASB
Jumpei Yamada
Meiji Gakuin University

In this paper, I will discuss how theincluding exceptional rules are complex anddistinction between liabilities and equity isdifficult to understand, and cannot be easily

made in IFRSs and what is the focal point in

explained. Therefore, various proposals havethe distinction.

been made about the distinction, but there is

The distinction between liabilities andno efficient solution by now.

equity has long been discussed in IASB.

Then, I will consider why the distinction

However, it cannot be solved yet. It is notcannot be made easily. First, in IFRSs, it issimply the problem of the distinction on

not clear to which classes of investors net

balance sheet, but the problem of how muchincomenet income is measured on profit and loss

distinction between liabilities and equity isstatement.

made, it is important to determine to whom

InIFRSs,

Whenthenet income is attributable. Second, in IFRSs,liabilities and equity is made basically by thethe definition of liabilities that the liabilities

definition
conceptual

thedistinction

attributable.

betweenofthearecomponentsframework.

intheare the obligation to deliver economic

However,

theresources is strictly applied. So like puttable

distinction is made exceptionally by thefinancial

fixed-for-fixed

exceptional rules.

condition

andputtablefinancial instruments condition. These rules

80

instruments,

there

aremany

A Study on the Development and Convergence of
Accounting for Leases
Jun Hishiyama
Senshu University

The purpose of this paper is to (1) describeliabilities for the rights and obligations

the development of accounting standards forcreated by leases. Though this model

leases in IASC and IASB, (2) provide anwill

overview of IASB’s new leases accounting

representation of lessee’s assets andmodel referred as a right of use model, (3)liabilities, it slightly leaves a room forclarify

arbitrary operation.

thecharacteristics,and(4)investigate the influence on convergence ofthe model in Japan.

resultina

morefaithful

3. By analyzing accounting policy ofJapanesecompanies

We arrive at conclusions that;accounting

standard,

1. Current accounting model for leases inconcluded

thatalmostat1993

itcanbeallof

theIASB is criticized for failing to meet thecompanies prefer exception handlingneeds of users of financial statements

which recognizes finance leases as

because it doesn’t require for lessees tooperating leases with arbitrary method.

recognize assets and liabilities arising

Therefor it is important not to accept

from operating leases.

an exceptional method as a result of

2. IASB’s new leases accounting model

convergence of accounting standard forreferred as a right of use model

making the accounting information

requires lessees to recognize assets anduseful.

81Potential Impact of the IASB’s Proposed
Conceptual Framework on Accounting for
Impairments
Yoshinori Kawamura
Waseda UniversityThis

articlediscussesforreview, I summarize that the proposed

impairments of long-lived assets, including

conceptual framework tends to be adjusted

goodwill, form the viewpoint of the proposed

more for conservatism. Moreover, I discuss

conceptual

the issues of the delayed recognition offramework

accounting

issuedbytheInternational Accounting Standards Boardimpairments

in May 2015.

discretion in determining the recognition of

I start the discussion with reviewing
accounting requirements set forth by IFRS,
U.S. GAAP and Japanese GAAP. I also
review

theandthemanagement’s

impairments, which are found or suggested
by academic literature.
Finally, I discussed the opportunities toconcepts

describedby

theamend accounting standards for impairment

conceptual

frameworkintheto make them more conservative, based onchapters of objectives of financial reporting,the proposed conceptual framework and thequalitative

issues found or suggested by academic

proposedcharacteristics

ofaccounting

information, elements of financial statement
items, and measurements. Based on the82

literature.

International Standardization and the Future ofAccounting Systems / Research
Kazuo Hiramatsu
Kwansei Gakuin University

Currently, international standardization ispushedforwardinmanydomains

ofexpansion of IFRS voluntary application,
andtocontinuecontributingfortheaccounting, such as International Financial

development of IFRS. In order to have

Reporting Standards (IFRS), International

certain number of IFRS applying companies,

Standards on Auditing (ISA), International

we must bring up global accountants whoEducation Standards (IES), International

can play an active part in accounting practice.

Public Sector Accounting Standards (IPSAS),

And, in order to contribute for accounting

InternationalReporting

research, we must bring up the researchers

Standards (IIRS), and Code of Ethics for

who can wrestle with the research agenda

Professional Accountants (CEPA). Amongwhich IASB shows to promote evidence-

them, IFRS may be most widely recognized.

informed standard setting.

Integrated

It is thought that Japan, whose cultural

The global accountants are the persons

background greatly differs from that of

who have English skills and who can accept

Europe and the US which produced IFRS,different culture, as well as having thedoes not or cannot take initiative for thetechnical knowledge of accounting. It isinternational standardization of accounting

expected that they have the collectivestandards. Japan changed the posture until

strength as the human beings. Tasks for

now depending on the trends of EU, the US,

Japan are to struggle straight forward (andand the IFRS Foundation, and showedbypassive correspondence for IFRS. However,standardization

under the Growth Strategy of the Abe

accounting systems / practice and accountingAdministration in particular, Japan takes

research,

the active correspondence recently for IFRS

accountants

by making an effort for the expansion of theglobalization. If Japan cannot work on thesevoluntary

application

byproblems, it cannot become a country whichannouncing

original

Modified

is respected by foreign countries (AsianofIFRS

Japan’sandInternational Standards (JMIS).
It is vital for Japan to promote the furtherJapanWay)

andwithandinternational

globalization

tobringup

thewhocancopewithofglobal
thecountries in particular) in the times when
globalization rapidly and widely advances.
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