Earlier last week, the Xinhua News Agency reported that the Business Accounting Council of Japan announced its plans to introduce international accounting standards by 2005.
According to the agency, the move would make it easier for Japanese companies to raise funds from financial and capital markets around the world and help create a better business environment between Japan and Europe.
The European Union (EU) has made it clear that listed companies in EU member states will be obliged to introduce international accounting standards from 2005.
The Business Accounting Council will start discussing specific measures for introduction of the standards after convening a general assembly last Friday according to Xinhua News Agency. The council plans to compile a draft plan in the summer.