The Introduction of Accounting Principles for Consolidated Financial Statements in Japan: Focus on Minority Interest and Other Related Accounting Treatments‪.‬

INTRODUCTION The Accounting Standards Boards of Japan (ASBJ henceforth) has been working on for the convergence of Japanese General Acceptable Accounting Principles (GAAP henceforth) toward the International Financial Reporting Standards (IFRS henceforth). In August 2007, the International Accounting Standards Board (IASB henceforth) and the ASBJ announced the Tokyo Agreement which made clear the deadline for the above convergence by June 30, 2011. As IFRSs are continuing to move toward the economic-unit concept for preparing consolidated financial statements (IFRS No.3, 2008; IAS No.27, 2008), Japanese GAAP is also moving toward the same direction.