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The Financial Services Agency will begin studies in September on how to increase corporate transparency, FSA officials said Friday.

The agency plans to improve transparency by carrying out such measures as requiring listed firms to release quarterly earnings reports, the officials said.

The move follows a series of corporate scandals, including the issuance of false financial statements by Kanebo Ltd. and Seibu Railway Co.

The FSA also intends to create a system in 2008 that would make it mandatory for firms to reveal the details of daily operations, including procurement and processing of vouchers, on their financial statements.

Specifically, top management would be required to prepare reports on such transactions and submit them to certified accountants for examination.

The Business Accounting Council, a panel advising the financial services minister, also will begin deliberations in September to work out guidelines for the planned system by referring to U.S. regulations adopted after the Enron Corp. accounting fiasco.

The FSA wants listed companies to disclose earnings results on a quarterly basis so their financial statements will more accurately reflect any changes in their businesses.

By the end of the year, the financial industry watchdog hopes to have guidelines to help accountants accurately examine companies’ quarterly earnings reports.

The Tokyo Stock Exchange also plans to require listed companies to disclose quarterly business results.

The FSA and TSE hope that by taking steps to improve the reliability of corporate financial statements, the public will regain its trust in them and shift financial assets from deposits to stocks and other investment options.

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