■ 国際会計研究学会 年報 2016 年度第 1・2 合併号

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Summary of Articles

Fair Value Measurement of Intangible Assets
Akiko Fujita
Meiji Gakuin University
In recent years, the trend in accounting

uncertain. The discussions in this paper

frominclude the following: various problems

historical transaction accounting to fairarising from the application of declaredvalue

impairment

standards

has

gradually

accounting,shiftedmainlybecause

the

based

on

fair

value

presentation of assets and liabilities based

measurement by regarding goodwill andon historical cost moves far from economic

intangible assets as nondepreciable assets;

reality. The purpose of this paper is to

issues regarding discounts and rebates foranalyzeininterest that affect the measurement ofaccounting methods for intangible assets

values and depreciation; possible effects on

resulting from the trend in the IFRS-based

revenueandexpensematching;

andaccounting standards.

problems

overexpenserecognition

for

and

examinetheissues

While focusing on the significance of fairintangible assets acquired at the time ofvalue measurement of intangible assets, thisbusiness

combination

paper specifically looks at goodwill andgenerated assets.

andinternallyintangible assets whose durable periods are

185

Fair Value Measurement of Tangible Fixed Assets
Masaki Yoneyama
The University of Tokyo
This article examines the improvement in
the footnote disclosure that supplements

explanation on these two observations.
The result of the analysis suggests that the

information on the impairment loss when aqualitycompany voluntarily adopts IFRS. Althoughimpairment loss is improved through theprioradoption of IFRS. It also suggests that the

researches

suggestthat

footnoteoffootnote

disclosure

on

the

loss

level of disclosure remains low even after theremains insufficient even after the adoption

adoption of IFRS. Further research isof IFRS, some companies insist on therequired on the incentive of companies not toimprovement in disclosure when they adopt

disclose sufficient information on impairment

IFRS. This article seeks for a consistentloss.

disclosure

186

concerning

impairment

Impacts of IFRS on the Links between Tax and
Financial Reporting: with special reference to
IFRS Adoption in South Korea
Juhyung Kang
Kobe Gakuin University
therequirements for the recognition of expenses

comprehensive and concrete evidence of thein definite settlement of accounts because ofchanging relationship between tax andthe differences between accounting thoughts

financial reporting after IFRS adoption.

of IFRS and those of corporate tax law.

This

paper

aims

to

present

The movement of international integration

Although the arguments have been discussedof the accounting standards has expanded its

conventionally, further discussion on therange while leading to a double-tracking of

response to IFRS has attracted attention.

accounting standards in the countries since

One reason for this is the opaqueness about

the IASB founded in 2001. Although Japanthe extent of the impact of IFRS on tax

has carefully pursued the convergence after

accounting system.

theThis paper examines the scope of themandatory application of IFRS, IFRS have

impacts of IFRS on the links between tax andstill had certain effects on its accounting

financial reporting in South Korea. I find thatstandards and peripheral systems.

the degree of influence of taxation is muchthe

pronouncementof

postponing

As far as tax accounting system, there are

weaker than previous.

arguments about the pros and cons of the187Interpretation of Leases in the Alternative
Approaches for Sale and Leaseback transactions of
ROU asset model
Megumi Sato
Chiba Keizai University
This paper aims to extract and marshal

would continue to recognize a portion of theanother interpretation of leases, not theunderlying asset that represents its rightinterpretation of leases such as “purchaseto use the underlying asset during theof ROU (right-of-use) asset” by focusing onleaseback and derecognize that portion ofSale and Leaseback Accounting of ROU

the underlying asset relating to its rightasset model. In other words, this papertransferred to the lessor entity. And we findaims to examine ambiguity of accountingthat ROU asset is measured by substantive

concept for leases with inductive logic,

restricted fund under this approach. We

which

about

focus attention on the portion of therecognition gain/loss on sale when aunderlying asset relation to its rightlessee/seller entity leasebacks.

transferred to the lessor entity under a

takes

a

concreteissueFirst, this paper realizes the necessity ofpartial asset approach. Because we canextracting another interpretation of lease,interpret such a lease as a sale of the

becauseaccounting

residual interest, not a sale of “new” ROU

methods that we can’t explain by using

asset. Finally, we examine whether we can“purchase of ROU asset” such as Dualgeneralize the interpretation of “a sale ofModel in FASB Topic 842. Second, thisthe residual interest” to simple leases (notpaper outlines two alternative approaches

only sale and leaseback transactions). We

for recognition gain/loss on sale accruing at

point out that the view that a lessee

Sale and Leaseback transaction. Under a“obtains financial flexibility” by leasing“whole asset” approach, the lessee entity

would be based on the idea that leases give

would derecognize the underlying asset

a lessee entity financial flexibility by giving

and recognize a ROU asset measured by its

up the residual interest of the underlying

fair-value. On the other hand, under aasset.

there

are

some

“partial asset” approach, the lessee entity

188

The Influence of Accounting Environment on the
Application of Fair Value in China
Xinyun Miao
National Institute of Technology, Ube College
In order to achieve the convergence ofChineseaccounting

International
Standards

standards

Financialin active markets for identical assets orReportingsimilar assets, or other observable inputs.
Accounting is not only a neutral set ofStandards Setter in China, namely thetools addressing ways of recognizing,

Ministry of Finance (MOF), adopted fairmeasuring and reporting, but interactive

value as one of measurement attributes inwith its surrounding sociological context,

theaccounting

such as societal, economic, and politicalstandards that was issued in February

systems. The objective of this study to

2006. The MOF requires or permits

provide a holistic analysis of the Chinese

Chinese enterprises to measure certain

accounting environment, including societal,

assetsorganizational, professional, political and

set

and

of

the

with

Accounting

new(IFRS),

measure fair values based on quoted prices

Chineseliabilities(e.g.,

financial

instruments, investment properties andaccounting

biological assets) at their fair values.

accounting ecology framework developed

While

invoking

theby Gernon and Wallace (1995). Through

has

been

this analysis, this study could offer deep

expending the application of fair value inunderstandings of the constraints on the

IFRS, the MOF limits the application inapplication of fair value in China.

the

new

InternationalbyAccountingStandards

theslices,

Board

set

of

(IASB)

Chineseaccounting

By clarifying the interactive relationshipstandards and allows the application only

between accounting and its surrounding

when the fair values of assets andenvironment in China, this study shows

liabilities are reliably measurable on athat the examination of the variety ofcontinuing basis. Furthermore, the MOF

accounting

limits the use of unobservable inputs

environments across countries is necessary(Level 3 inputs) to measure fair values. For

for achieving the global convergence of

example, for investment properties, thefinancial reporting.

systems

andaccounting

MOF requires Chinese enterprises to

189

A Study on Financial Reporting Models for BothBusiness and Nonbusiness Organizations
Noriyuki Konishi (Aoyama Gakuin University)
Takashi Asano (Tokyo Metropolitan University)
Shinichiro Ishizaka (Gifu Keizai University)
Hiroaki Jindo

Chairperson:
Members:

Observers:
Research Cooperators:(National Graduate Institute for Policy Studies)
Eiji Hisamochi (Aoyama Gakuin University)
Hanae Fujiwara (Certified Public Tax Accountant)
Ryusuke Watanabe (Kanto Gakuin University)
Akira Kanie (Hokkaido University)
Michimasa Sato (Aichi Gakuin University)
Satoshi Agari (Financial Services Agency)

Kenji Izawa (Certified Public Accountant)
Katsunori Kasuga (Kyushu Sangyo University)
Shigeho Nakayama (Aichi Gakuin University)
Katsuhiko Hizawa（Certified Public Accountant）
Naoya Yamaguchi (Aoyama Gakuin University)
Kouji Kurata (Rikkyo University)

Hirohisa Takata

Yoshihiro Usami (Senshu University)
Hironobu Takahashi(The Japan Economic Research Institute)
Maki Tamefusa (Gifu Keizai University)（Certified Public Accountant）
Toru Watanabe (Certified Public Accountant)

The purpose of this research group is toconversion cycle.

attempt to examine the financial reporting

Therefore, the business model can bemodel that can be shared by organizations

selected according to the difference of thefor both business and nonbusiness.

cash conversion cycle, whereby different

For the organizations, sustainability is

accounting treatment is allowed.

required irrespective of profit and not-for

It is expected to categorize financial-profit purposes, and there is a process ofreporting models, where we can expect to

how to create net cash inflow, that is, adevelop a key performance indicator (KPI) as

businessa disclosure method of output and outcome.

190

model

embodying

the

cash

The Conceptual Framework on the International
Financial Reporting Standards
Chairperson: Isamu Iwasaki（Kyushu University)
Members:
Kensuke Ogata（University of Nagasaki)

Observers:

Tomohiro Kaneko（Toyo University)
Akiko Sugiyama（Toyo University)
Ryusuke Toda（Kanagawa University)
Kazuhiro Yasui（Kobe Gakuin University)
Hideki Fujii（Kyoto University)

International

AccountingStandards

Ryuzou Kabata（Senshu University)
Nobuhiko Sato（Kumamoto Gakuen University)
Norio Takasu（University of Hyogo)
Yoshimi Honda（Osaka University of Economics)
Kousuke Miyaji（University of Nagasaki)
Masateru Narikawa（Tohoku Institute of Technology)

Under

these

circumstances,

IASB’sCommittee (IASC) published “Framework forconceptual framework of accounting is a set

the

of

of consistent, basic, and systematic concepts

Financial Statements” in 1989. But thereof accounting. And as “frame of reference”, itwere some areas not referred, others not

is expected to play an important role to bestated clearly, still others out of date in theused for developing accounting standards

framework. To solve these problems, IASB

deductively

had worked together with the US Financial

interferences in developing those. As a result,

Accounting Standards Board (FASB), andIASB’s conceptual framework would effect topublishedfordeveloping future accounting standards. And

Financial Reporting 2010” in 2010. And then,we can expect IASB’s future standards to

the

IASB

some extent. From these points of view, it ispublished “Discussion Paper, A Review of thevery important to research IASB’s conceptual

Conceptual

Financial

framework. Accordingly, our study group is

Reporting” independently in 2013, “Exposure

showing the features and problems of IASB’s

Draft, Conceptual Framework for Financial

newReporting” in 2015, and will publish final

literature research.

Preparation

joint

and

“Conceptual
project

wasFramework

Presentation

Framework
dissolved.
for

and

conceptual

to

avoid

framework

political

based

on

conceptual framework in 2017.

191

Voluntary adoption of IFRS in Japan
Yasumasa Tahara
Financial Services Agency (FSA), Japanese Government
Japan permitted companies which operate

number of companies adopting IFRS reachedinternationally to use the International

120 as of June 30, 2016, and the market

Financial Reporting Standards (IFRS) in

capitalization of those companies accounts for2010 so as to:

21.5% of the total market.

・enhance the international comparability

Japanese companies adopting IFRS seem toof financial statements
・ enable smoother and more efficient・improve the efficiency of business andmanagement

have been enjoying the advantages of IFRS
initially anticipated. On the other hand, thefund-raising from abroad
financial

According to the JFSA survey in 2015, theandenhanceapplication of the particular accounting
standards of IFRS and the training andsecuring of adequate personnel were raisedinternational competitivenessharmonize

as challenges during their transition to IFRS.

accounting standards internationally and

There are issues with IFRS that stem from

improve the Japanese GAAP since before

Japan’s opinions, such as accounting for

adopting IFRS, the Japanese government has

goodwill or net income including recycling,

been encouraging the voluntary adoption ofwhich should be discussed further at the

IFRS by various measures since 2012. The

International Accounting Standards Board.

While

192

makingeffortstoChanges of the Financial Reporting Process
Following the Adoption of IFRS*Satoshi Hasuo
Monex Group, Inc.
Monex Group, Inc. “the Company” hasengaged in actual accounting operations or

adopted IFRS since FYE March 2013.

auditing companies. It is believed that

Through the transition to IFRS and theproviding financial information by IFRS with

operation thereafter, The Company has

stakeholders will enhance a dialogue between

developed its financial closing procedures toinvestors and issuers, and bring a positive

build shared understanding on accounting

impact in securing the diversification ofprocesses and each discussion point among

potential shareholders.

those involved such as the group stuff*

The views expressed in this paper are those of the author and not those of Monex Group, Inc.
193

Current Situation and Issues Surrounding IFRS
Education and Training in Japan
Takashi Hashimoto
Aoyama Gakuin University
The Committee on IFRS Education andsuccessful implementation of its adoption, theTraining issued a report titled “Issues andfocus of education should shift to foster

Future Directions of IFRS Education andcritical thinking as well as communication

Training in Japan.”ability.

This paper examines

the current situation and issues surrounding

Among

the

many

challenges

facingIFRS education and training in Japan using

companies, auditing firms, universities, andinsights from the report.

so on, is the timely implementation ofItisnecessary

to

gain

a

bettereffective and efficient IFRS education andunderstanding of IFRS and to ensure

training.

To address the issue of training

consistent and efficient application of IFRS,

and securing adequate personnel familiar

to promote an increase in the number ofwith IFRS in terms of both quality andcompanies voluntarily adopting IFRS. The

quantity, IFRS education and training should

population of accounting experts familiar

be implemented at three levels.

with IFRS needs to be enlarged through1. Expanding accounting human resources

various

IFRS

2. Developing accounting human resources

programsineducation
order

to

and

training

achievefurthersophistication of accounting practice andsmoother auditing. In addition to understandthe principles-based feature of IFRS and the194familiar with IFRS
3. Developing global accounting humanresources

Dose IFRS Application Improve Information
Comparability?
Ichiro Mukai
Aichi Gakuin University
The Financial Service Agency in JapanGAAP firms and IFRS firms in France,

permitted to prepare consolidated financial

Germany, and the United Kingdom (UK). I

statements according to the International

measure the comparability of accounting

Financial Reporting Standards (IFRS) fromamounts of IFRS firms in Japan and pairthe fiscal year ending March 31, 2010. Aboutfirms between in the pre-IFRS application

60 listed firms on the Tokyo Stock Exchange

terms and in the post-IFRS application terms.

(TSE) voluntarily adopted IFRS in 2015. The

The results of tests show that the application

purpose of this paper is to examine whetherof IFRS increases the comparability of

application of IFRS by Japan firms results infinancial statements among IFRS firms. This

increases

financialresearch contributes to provide an evidence

statements with those of IFRS firms in thethat the application of IFRS helps to increaseEUdecreases

the comparability of financial statements

comparability with those of Japan GAAP

among IFRS firms and to provide useful(JPN GAAP) application firms in Japan (JPN

information for making decisions for global

GAAP firms). I focus on IFRS firms in Japan

information users.

comparability

membercountriesofandand pair firms that are selected from JPN

195

Commentaries on for AAA Japan Session―Voluntary Application of IFRS in Japan andConsiderations for Future Mandatory Application―
Tatsumi Yamada
KPMG AZSA LLC
Chuo University
The author participated in the Japan・What are the most important factors forsession of the AAA , which has been held on 9

the Japanese government to make a

August 2016, as a discussant. As thedecisiondiscussant,theapplication

presentations made by four panelists, who

companies?

I

have

commented

are Mr. Yasumasa Tahara, Director of the

to
of

move

to

mandatory

IFRS

for

all

listedFor Mr. Hasuo who made a presentation

Disclosure

from the perspective of a listed company

Division, Financial Services Agency, Mr.

which applied IFRS, the author asked theSatoshi Hasuo, Executive Officer, Co-Chief

following question.

Corporate

Accounting

and

Inc.,

・As is mentioned in your explanation, theAoyamaadoption of IFRS is useful and beneficial

Gakuin University and Professor Ichiro

for companies that have significant

Mukai, Aichi Gakuin University.

international activities. Do you think

Financial

Officer,

Monex

Group,

Professor

Takashi

Hashimoto,In response to their presentations, thethat IFRS is also useful and beneficial for

author made a comment and asked one orcompanies whose main activities are

two questions for each presenter in order tofocused on domestic markets?

understandmoredeeplywhat

they

For Professor Hashimoto who emphasized
the necessity and importance of IFRS

presented.
For Mr. Tahara who made a presentation

education for not only students but also

from the perspective of a regulator andpractitioners and CPAs, the author asked thestrongly encouraged the Japanese listed

following question.

companies to apply IFRS voluntarily, the・What kind of concrete plans do you havethat can be started immediately?

author asked the following questions.
・ Are there any concrete plans thatFor Professor Mukai who presented thecontribute to increase the number of theresult of his empirical research on whether

companies

comparability of financial statements has

thatvoluntary basis?
196

apply

IFRS

on

a

been improved among Japanese companies

who adopted IFRS and their corresponding

adoption.

companies in Europe in the same industry

・Most of the IFRS discussions in Japanand also among Japanese companies which

focus on only how to adopt IFRS in

apply IFRS and those do not, the author

Japan. A discussion from the perspective

asked the following question.

from how Japan can contribute to the・ Both ‘quarterly net income before
extraordinary items’ and ‘stock return or

IFRS development and prevalence in theworld is needed.

cash flows from operating activities’ are・Japan has been playing important role forused as a proxy for financial statements

setting IFRS last 16 years, and keep

for this research. I wonder whether theseplaying important role for the sake ofindicators

high quality IFRS, rather than only

conclusions

areenoughandgivingfordrawing

persuasive

reasons for the conclusions he reached.
What do you think about this point?
In the presentation, the author also

seeking its own benefits.
・I have a dream that sometime in the
future, there should be a Japanese IASB
chair.

expressed his views on some aspects of IFRS

197