Tokyo (Feb. 18, 2004) -- Japan revealed that it plans to implement the international accounting standards currently being crafted by the London-based International Accounting Standards Board.

The Business Accounting Council -- a government panel in Japan -- said it plans to begin discussing legal issues and auditing methods that will help usher in the global standards. The BAC subsequently plans to compile a draft by the summer.

The European Union has said listed companies in E.U. member states are mandated to introduce IAS in 2005. The IASB plans to compile a final IAS draft by late March.

Japanese companies are currently prohibited from filing earnings reports with IASB standards.

-- WebCPA staff

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