New financial services minister Ikko Nakatsuka on Friday said the government still hopes to make a final decision on whether to adopt the International Financial Reporting Standards in the next few months, but only after it finishes weighing their potential impact on Japanese companies.
"There are concerns the standards will not fit well with domestic firms. Then there are those who point to the merits of the system, including how it would make it easier for businesses to secure funds overseas," Nakatsuka said during an interview with The Japan Times and other media groups.
The international accounting standards have mainly been adopted in Europe, but Japan, along with the United States, has yet to decide whether to implement them. Nakatsuka said the government is not necessarily awaiting Washington's final decision on the matter,but added it is closely monitoring their effects in countries that have introduced the standards.