Convergence of Japanese
GAAP with IFRS
Selected Topics
from the 2006 Tax Reform Act
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OKAMOTO & COMPANY
International Accounting Office
/ Hanato Tax Accountant Office
Hirakawacho Daiichi Seimei Building 1F,
1-2-10 Hirakawacho, Chiyoda-ku Tokyo Japan 102-0093
TEL +81-3-5276-0900
FAX +81-3-5276-0950
E-mail:info@okamoto-co.com
| Notification | Japanese... |
Kreston International – In March 2006, Okamoto & Company has become a member firm for Kreston International Limited (www.kreston.com). Founded in 1971, the network was established to offer reliable and convenient access to quality services through its 428 member firms located around the globe. It is one of the largest accounting networks in the world.
PCAOB registration – Effective March 2005, we have become a registered member firm with the Public Company Accounting Oversight Board (PCAOB) in the US. The PCAOB is a private-sector, non-profit corporation, created by the Sarbanes-Oxley Act, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports. We are now one of the few non Big Four firms in Japan permitted to audit subsidiaries of US public companies.
Office Manager Seminar – Due to the popularity from last year's seminar, we plan to hold another seminar in September/October 2006. Details will be provided at a later point in time.
China Desk – In an effort to provide meaningful services to potential Chinese companies entering Japan, we have created a "China Desk" and a Chinese version website (www.okamoto-co.co.jp/chinese). We currently employ two Chinese professionals and also have numerous Chinese speakers.
Statement of Business – All Japanese companies, including branches of foreign companies with tax years beginning after April 1, 2006 and companies established after April 1, 2006, are required to complete and submit a Statement of Business annually with their Corporate tax returns. Please refer to the Tax Reform Act section for details. The preparation fees for such return will be from 50,000 yen/year.
10th Anniversary Holiday – Okamoto & Company started business in 1992 and on February 1996, became incorporated. To celebrate 10 years since incorporation, we have designated Friday, June 23, 2006 as a firm holiday. Accordingly, we will be unreachable that day. Your understanding is appreciated.