October-Featured business affairs

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1. Accounting(improper accounting processing)

The Securities and Exchange Surveillance Commission (SESC) released a collection of cases of Administrative Monetary Penalty in the Financial Instruments and Exchange Act. in 2013, 9 recommendations for Administrative Monetary Penalty Payment Order were issued. (Administrative Monetary Penalty amount: JPY1,050 million)

In the 2014 January-June period, 5 recommendations were issued. (Administrative Monetary Penalty amount: JPY220 million) According to the type of business, in decreasing order, the information and communication industry, the service industry, the wholesale industry and the construction industry are listed.

There are 18, 13, 10 and 7 recommendations counted respectively. In these industries, there are trends towards the greater use of intangible fixed assets which have the characteristics of invisibility and inclusiveness in future forecasts, capitalizing on improper accounting processing.(Souce:“Keiei Zaimu Magazine”No.3178)

2. Taxation (Reporting assets located abroad)

The National Tax Agency published the first states of the submission for reporting assets located abroad.This reporting is required for a permanent resident who has assets located outside Japan which are worth more than JPY50,000,000 in aggregate as of December 31 of the year to file.Total number of filed reports was 5,539.

The total amount was JPY2,514.2 billion. The average amount per report was JPY450 million.The breakdown is securities 62%, saving deposits 15%, real estate 11%, other 12%.Effective as of Jan 1, 2015, violators(misstatement, non-submission) of the law are to face a maximum of 1 year imprisonment or a fine of up to JPY500,000.(Source:“Zeimu Tsushin Magazine” No.3323)

3. Labor Management(Changes in Handling of Childcare Leave Benefits)

The handling of Childcare Leave Benefits in cases where employees worked during their childcare leave will be changed effective October 1st, 2014.Currently, in order to be eligible for Childcare Leave Benefits, an employee must not work for more than 10 days within a payment unit period (a one-month period starting from the start date of childcare leave.) From the first payment unit periods beginning on or after October 1st, 2014, an employee who worked for more than 10 days within a payment unit period is eligible for Childcare Leave Benefits if the total number of hours during which the employee is considered to be actually working is 80 hours or less.

However, it should be noted that the benefits may be reduced or not be paid at all depending on the amount of wages paid during a payment unit period.(Brochure by the Ministry of Health, Labor and Welfare, Prefectural Labor Bureaus and Hello Work

4. This Week’s Words of Wisdom(Depending on your perspective)

“It all depends on the way you look at things.Capable people can practice positive thinking. Negative people fall into negative thinking.” (Yasuzaemon Matsunaga, business person known as the “electricity king”)

Tamasaburo Bando, the Kabuki actor, said “We cannot change the facts, but we have a way of changing the interpretation.”He mentioned in an interview that when he was a small child, he was stricken with polio. However he was able to pave the way for his own success at becoming master female impersonator in the aftermath.

I do believe that our destiny depends on our perspective and we can carve out it with our own philosophy.

The referring page is Nagamine & Mishima JC Accounting K.K.

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