Which body has the primary responsibility for establishing accounting standards in Japan?
A)Japanese Institute of Certified Public Accountants (JICPA)
B)Japanese Accounting Association (JAA)
C)Japan's Ministry of Finance (MoF)
D)International Accounting Standards Board (IASB)

Question

Quizplus · Accepted Answer

Japan's Ministry of Finance (MoF) is responsible for establishing accounting standards in Japan. The MoF has established the Accounting Standards Board of Japan (ASBJ) to develop accounting standards that are compliant with International Financial Reporting Standards (IFRS). While the JICPA and JAA play important roles in the accounting profession in Japan, they do not have primary responsibility for establishing accounting standards. The IASB is an international organization that develops global accounting standards but does not have direct responsibility for setting standards in a specific country.

Which Body Has the Primary Responsibility for Establishing Accounting Standards