■ 国際会計研究学会 年報 2018 年度第 1・2 合併号

Ⅶ

Summary of Articles

Economic Globalization and Consequent Conflictsin Accounting and Accountability Issues
Noriyuki Tsunogaya
Nagoya University
The objective of this study is to investigate

factors. The Accounting Standards Board of

the impact of economic globalization on

Japan(ASBJ)

hasdeveloped

Japan’s

conflicts in accounting issues by shedding

Modified International Standards (JMIS) notlights on the contradictory two processes;

only to promote voluntary adoption of IFRS

“the universalization of particularism” andbut also to express Japanese constituents’“the particularization of universalism”. Afterviews that are consistent with Japanese-the significant accounting reforms (called

specific institutional factors (including the“accounting big bang”) initiated in 1997,

importance of the concept of net income andJapan is obliged to adopt global standards

long-term perspectives) to the International(Anglo-American models); however, Japan

Accounting Standards Board (IASB).

has operationalized (particularized) these

Even if globalization makes much progress,

standards and models to relief the conflicts

the importance of localization will not reduce.

between global and local aspects.

This is because, given the institutional

Indeed, during the accounting big bang

complementarity in each country, there is no

period, operational devices, such as adequate

guarantee to say that IFRS is the “bestpreparation periods as well as a series ofpractice” for all countries. This is also

exceptional and materiality rules, were

because, monopoly of accounting-standard

provided to adopt new accounting standards.

setting may lose the opportunity of fair and

The Business Accounting Council (BAC)

free competition, and thus, innovation ofallowed the voluntary adoption of Inter-accounting standard-setting.

national

Financial

ReportingStandards

Nonetheless, this study specifically suggests(IFRS) starting in the March 2010 fiscal

thatconsideration

of

local

contexts

year-end for consolidated financial statements;

important not only to achieve “particularism”

however, the BAC postponed the decision(national interests) but also to enhance theconcerning the mandatory adoption of IFRS

quality of global standards and practices,

indefinitely given the importance of local

namely “the universalization of particularism”.

social, historical, political, and economic

197

is

Economic Consequences of the Globalization of
Accounting Standards: Evidence from Changes inthe Lease Accounting Standard
Masaki Kusano
Associate Professor, Kyoto University
This

study

examinestheeconomic

FLNO are more likely to lower their cost ofofdebt than those that choose disclosure after

accounting standards using finance leases in

the adoption of Statement No. 13. Since

Japan.

adoptedrecognized amounts in financial statements

Statement No. 13, Accounting Standard forare more likely to reduce information

Lease Transactions, they could choose toasymmetry between managers and capitaleitherpreexisting

market participants than disclosed financial

finance leases that do not transfer ownership

information in the notes, the result suggests

to

uses

that the difference in recognition andpropensity score matching to compare firms

disclosure has significant effects on firms’

that recognize FLNO in financial statements

costs of capital. This research contributes

to those that disclose them in the notes. The

significantly to the accounting literature on

effects of this accounting choice on the cost ofrecognition

debt is then assessed using difference-in-

important implications for the discussions on

differences analysis. The results show thatthe on-balance sheet treatment of leasefirms that choose to recognize preexistingarrangements.

consequences
When

the

globalization

Japanese

recognize or

lessees

198

of(FLNO).

firms

disclose
This

study

versusdisclosure

and

has

Current Status and Future Opportunities around
Global Management Accounting Research inJapan
Junya Sakaguchi
Nagoya University
The purpose of this paper is to address thecultural, organizational, institutional andcurrent status and future opportunities

environmental factors), (2) consequences ofaroundglobal management accounting practices,globalmanagement

accounting

specifically the costs of designing andresearch in Japanese academic field.
Japanesemanagement

accounting

executing these practices (i.e., efforts that

researchers have shown significant interest

arein the globalization of firms’ activities overcommunications,the past two decades. Prior research haspriorities, and conflict).

proposedfirms’

strategic

types

of

investedtoresolvecomplexmisunderstandingof

In this paper we review relevant research

globalization, described characteristics ofwithpractices, and explained these by using some(determinants and consequences of global

theoreticalmanagement

perspectives.

While

most

of

regardtotheseaccounting

twoissuespractices)andJapanese research, however, has focused

propose implications for Japanese academic

primarily on the characteristics of global

field. In addition, we show some future

management

researchaccounting

practices,

only

opportunities

forJapanese

limited research has examined following two

researchers to contribute to international

issues;academic field.

(1)

management

determinantsaccountingof

globalpractices(i.e.,

199

Considering Application of International Financial
Reporting Standards from the Perspective of the
Financial Consensus－ Outline of unified theme －Ryuichi Nakajima
Meikai University
The 9th East Japan subcommittee of thefinancial reporting standards (IFRS) fromJapanese Association for International Ac-

the perspective of the financial consensus.”counting Studies was held at the Faculty of

The latter financial consensus means matching

Economics, Nihon University, on Saturday,

or approximating profit based on financial

July 7, 2018. The subcommittee meeting was

accounting and management accounting. As

conducted smoothly, principally by the chair

indicated by the headquarters’ salutation,of preparation committee, Professor Osamu

this theme focused on the financial consensus

Furusho, along with another member of thewith respect to arguments regarding “Apreparation committee, Professor Naoharu

process to solve tasks to integrate financial

Hiki. There was some concern raised due toreporting standards of Japan and IFRS.” We

the lack of participants, mainly on account ofinvited three professors to report on thethe overlapping schedules of different sub-theme from the perspective of their spe-

committees held by other accounting-related

cialisations. In addition to that, we also

academic societies and weather conditions.

asked the three professors to discuss their

Nonetheless, in reality, many members ofcurrent situations and any issues pertaining

our association were able to participate toto the financial consensus of firms in Japan,

the subcommittee.

from the perspectives of both logic and

The unified theme of the subcommittee
was “To consider application of international

200

business practices.

Significant impacts and challenges of the entity’s
practical implementation of IFRS 15 Revenue
from contracts with customers and a newJapanese revenue standard
Rika Suzuki
PricewaterhouseCoopers Aarata LLC
In 2015, the Accounting Standards Boardand the new Japanese revenue standardof Japan (ASBJ) started its standard setting

affectactivity to develop its new revenue standard

management and operations at and after thein consideration of IASB’s issuance of IFRS

implementation.

15. Based on feedback received from various

both

One

of

financial

the

and

non-financial

significant

impacts

ofconstituents in Japan, ASBJ decided that

implementation is on management accounting.

the starting point for its development of a

It is undeniable that applying a consistent

new revenue standard should be the generalpolicy or approach of revenue recognition to

guidance of IFRS 15. At the same time, ASBJ

both financial accounting and management

decided it was desirable to develop several

accounting is neither required nor necessary

exemptions to reduce the entities’ burden of

as each accounting has a different objective.

practical implementation as a voluntary

However,

option in limited situations where theinformation about the revenue and relatedcomparability across financial statements of

information in practice when both financial

different entities would not be significantly

accounting and management accounting

undermined.

apply

Both IFRS 15 and the new Japaneserevenue standard require more accounting
judgements and estimates based on a

it

the

might

same

provideaccountingausefulpoliciesofrevenue recognition with some practicaladjustments as necessary.
This paper was prepared based on thecontract with a customer, and accordingly

author’spresentation

the impacts of implementation in practiceresearchmeeting

are extensive. The real-life effects of IFRS 15

Association for International Accounting

and the new Japanese revenue standard will

Studies on July 7, 2018. The views, thoughts

not be limited to those on the financial

and opinions expressed in this document

statements of periodic financial reports but

belongwill likely also extend to non-financial areas

necessarily to any other group, or individual.

solely

to

at
of

the

the
the

authorregional
Japaneseandnotsuch as internal controls. Therefore, IFRS 15
201

Adoption and Localization of IFRS in Taiwan
Yoko Nakaoji
Meio University
The purpose of this paper is to consider
Taiwanese

strategy

concerningtheintroduction of IFRS, based on the evidenceof its adoption and localization in Taiwan.

as an example case, and promoted thesmooth adoption of IFRS by all publiccompanies.
④ By

applying

IFRS-based

accounting

The main points which arise are:standards to private companies, they can① The background to the adoption andappeal Taiwan’s accounting system as aadaptation of IFRS is the global trend to

global standard.

enhance the comparability of financial

While

Taiwanstrategicallyintroduces

reports. The aim is the revitalization of the

IFRS, localization of accounting practice is

Taiwanese capital market, to the benefit ofalso assumed. Revenue recognition criteria

its leading industrial sectors, achievedon tax law are different from accounting

through the improved efficiency of setting

revenue recognition criteria. However, in

accounting standards.

practice some cases are observed applying② A

gradualprocessofconvergence

minimized the disruption which would
have resulted from a rapid switch to IFRS
from local GAAP.
③ Taiwan regulators invested in global
companies and supported the applicationof IFRS. The process was widely released

202

the tax standards rather than the accounting
standards.
In future I wish to consider to what effectthe application of IFRS 15 from January 1,
2018 will have an accounting practice andtax laws.

A study on level 2 fair value disclosures
Yuto Kira
Okayama Shoka University, lecturer
More than one method is used to measurefair values are separated into “only” threefair values for financial reporting. However,levels, they are regarded as value relevant

the reliability of these two measurements

information, thus misleading informationdiffers. Therefore, the IASB and FASB haveusers.

separated fair values into three levels, called
the

fair

value

hierarchy,

toindicate

To solve this problem, this study suggests
a new hierarchy that splits level 2 based on

differences in reliability. In my opinion, thethecausesofthisproblem,suchascurrent disclosure is insufficient.

differences in market activity and thePrior studies have analyzed the value-

possibility of observing important inputs.

relevance of fair values by separating them

The new hierarchy will provide better

into three levels and into accounts. These

separation.

results generally agree that level 2 measures

By focusing on disclosure of level 2 fairhave value-relevance, but do not agree thatvalues, this study indicates the need toevery account classified as level 2 does. This

improvemeans that, although there are some level 2

reliability.

disclosureofmeasurement

fair values that are not value relevant, when203

Characteristics
andproblemsofcapitalmaintenance in International Public Sector
Accounting Standards- Comparison with Accounting Standards for
Incorporated Administrative Agency Katsuhiko Hizawa
Ernst & Young ShinNihon LLC
The purpose of this research is to compare

and also recognising resource inflows fromthe International Public Sector Accounting“non- exchange transaction” as revenue. On

Standards (IPSAS), which are applied to thethe other hand, for the distinction between

public sector but have the concept of capital,

capital transactions and profit and lossand “Accounting Standards for Incorporated

transactions, it has been founded that IPSAS

Administrative Agency” and “Annotations on

distorts the profit performance because it

Accounting

does not take into account the intention ofStandards

AdministrativeforAgency”

Incorporated(Standardsforindividual

resource

contributors

unlikeIncorporated Agency), which also have theStandards for Incorporated Agency, and as aconcept of capital, in order to clarify the

result the intended capital is not recognised.

capitalFurthermore, in a view of capital concept,

maintenance in IPSAS from the viewpoint of

it has been founded that IPSAS distorts thethecharacteristics

andproblemsofofprofit performance because it assumes only

performance

nominal capital concept unlike Standards fordisclosure. I believe that clarifying this point

Incorporated Agency, so the continuity ofwill contribute to the examination of how thecapital circulation is denied and the capitalintention of resource contributors should beat the level intended by the resource

reflected in the performance disclosure incontributor is not maintained.

relationshipresource

betweencontributors

intentionandthe financial information of the public sector.

Also, it has been founded that IPSAS

As a result of this research, it has been

distorts the profit performance because it

found that IPSAS, assuming the entity

does not differently treat the maintenance ofmodel, is trying to maintain the comparability

capitalwithcommercial

contributors do not intend to collect invested

not

only

capital unlike Standards for Incorporated“exchange transaction” but also resource

Agency, so a reduction in substantial capital

inflows from “non-exchange transaction”

issuch as tax revenue as a mean of cost

unintended

recovery of provided administrative services

recognised.

financialenterprises,

204

by

reportingofrecognising

not

in

the

case

recognisedbyandresource

where

only

resourcethecontributors

cost
is

Developments of Cash Flow Accounting―Cash Flow Accounting Linked with Realizable Value―
Nobuo Kamata
Chubu University
Accrualaccounting

includesmany

resources.

subjective judgments. Some critics argue

Chambers and Lee wrote the books which

three deficiencies of accrual accounting as

attracted many persons. Chambers proposed

follows, (1) cost allocation to goods or periods

the notion of adaptive behavior of a firm

is not based on real transactions or events,

which has affected the concept of Lee’s(2) the matching costs with revenues arecontinuity of entity. Lee maintains that if a

basically

firm is to survive, it must adapt to changing

arbitrary

becausetheyarepractically impossible, (3) historical costs are

economic

condition.

Therefore,thenot relevant to decision making.

information on the realizable assets is

In response to these critics, in 1971, APB

necessary. Lee’s financial statements consist

issued “Reporting Changes in Financialof four financial statements that can link the

Position” (Opinion 19). Since then, the needs

realizability of the changes of net assets withfor cash flow

cash flows.

information have grownsteadily. Nowadays, accounting standards

Some of the cash flow reporting concepts

setting bodies require a statement of cash

have been already incorporated into IASB

flows as a set of financial statements. Usersand FASB conceptual frame work andneed the information about liquidity as wellstandards. These movements suggest us thatas profitability. Financial performance of acash flow reporting system may only be thefirm is assessed in terms of cash flows which

future financial accounting system.

reflect changes in the capability to command

205

International Comparative Research regarding
the mandatory Application of IFRS
Chairperson: Takayuki Nakano (Hosei University)
Members:
Takefumi Ueno (University of Shizuoka)
Noriaki Okamoto (Rikkyo University)
Clemence Garcia (Gakushuin University)
Jonghoon Kim (Hitotsubashi University)
Tomomi Shiosaki (Kyushu University)
Noriyuki Tsunogaya (Nagoya University)
Hirokazu Naruoka (Senshu University)
Satoru Nishiumi (Aichi Gakuin University)
Tomohiro Noguchi (Aichi Gakuin University)
Naofumi Higuchi (Certified Public Accountant)
Masataka Hiraga (Aichi Gakuin University)
Miao Xinyun (Sugiyama Jogakuen University)
Tatsumi Yamada (Chuo University)
Observers:
Su Yan (Graduate School of Commerce, Waseda University)

The purpose of this study is to discussoutcomes. Firstly, the institution analysis

what kinds of economic effects and costs

team qualitatively clarified the facts of theemerged in countries and regions where theInternational Accounting Standards Board

International Financial Reporting Standards(IASB), which formulated the IFRS, and the(IFRS)

fromcountries and regions where the IFRS were

multiple aspects by analyzing systems andmandatorily applied (Germany, France, theactual situations, and conducting empirical

U.K., Australia, Canada, Malaysia, andanalysis, to obtain academic evidence, andSouth Korea) before and after the mandatory

then report the policymaking-related andapplication of the IFRS. At present, thepractical findings regarding the mandatory

number of jurisdictions where the IFRS are

application of the IFRS based on the

mandatorily applied exceeds 100, and it isobtained evidence. We formed two research

impossible to study all of them. Accordingly,

teams. One is the institution analysis team,

we chose 7 countries that are important towhichJapan. Secondly, the empirical analysis team

weremandatorily

analyzes

systems

appliedandactualsituations mainly for grasping facts based oncarriedqualitative data. The other is the empiricalmandatory application of the IFRS, to study

analysis

(1)

team,

which

engages

in

the

out

a

effects

surveyontheregardingqualitytheandquantitative empirical analysis mainly forcomparability of financial statements, (2) thegrasping facts based on quantitative data.

effects on the capital market, and (3) theWe try to shed light on the facts in countries

effects on stewardship accounting and debt

where the IFRS were mandatorily applied

contracts. For our final report, we plan tobased on two approaches in a multifaceted

conduct theoretical and empirical research ofand comprehensive manner.

the voluntary application of the IFRS in

We achieved mainly the following two

206

Japan, in addition to the above research.

Research on Accounting Problems in Global
Business
Kenji Shiba
Kansai University
This is a research related to accounting

approach is applied to accounting, it becomesana cross cultural accounting. Here, the object

approach considering accounting problems inof the research is culture and accounting,facing cross cultural differences. Companies

that means, the cultural differences that are

doing their business globally are forced toenvironmental

struggle with cultural differences in theaccounting behavior of the companies toforeign markets, so they start to think about

adapt their business locally. In a few words,

cultural issues. The culture they encounter

International

might trespass the boundaries of a country,

considering the relations between a country

or there may be multiple cultures in just one

and accounting, Global Accounting is the one

country. Companies may do business globally,

considering

but at the same time, they must facemarket and accounting, but we focus in the

management problems for dealing with local

relations between culture and accounting, todifferences. When we recognize those realistic

make a basic research for the establishment

management problems as cultural issues, weof Cross Cultural Accounting.

problems

inglobalbusiness,withrestrictions

Accounting

therelations

and

is

the

the

one

betweenthehave a new approach. When this new207