1. Accounting(Consideration of disclosure of the “Accounting Standard for Revenue Recognition”)
Currently, the ASBJ is responding to comments received in the Exposure Draft on the accounting standards for revenue recognition, and is rethinking how to display the notes on disaggregation information on revenue (Annual financial statements and quarterly financial statements) due to the considerable burden this could place on companies. In particular, they are focused on the disaggregated information for revenue recognition of residual performance obligations.
This involves quantitative information and may require additional system development.
- Tax(Commentary on the Reform 2 Tax Reform Charter (3))
Revision of the reporting system for the automatic exchange of financial account information of non-residents.
The reporting system for automatic exchange of financial account information of non-residents will be partially revised.
The following are some examples:
(1)Revision of scope of included persons
Exempted are certain specified corporations and corporations since the establishment of which less than two years have passed.
(2)Revision of procedures for the identification of the resident country of those who are necessary to supply financial account information subject to the scope of this reporting system
A)The resident country of a voluntary partnership shall be the location where the place of its substantial control exists.
B)If the governing law treats the inheritance property as an entity, the resident country of the inheritee (currently the resident country of the entity) shall be identified.
C)Other procedures shall be amended.
(Note)The term “specified corporation” represents foreign listed corporations, corporations that control or are controlled by foreign listed corporations, foreign government, and certain other corporations.
- Labor Management (Exceptional Measures for Employment Adjustment Subsidy Due to the Influence of New Coronavirus Infections)
Employment Adjustment Subsidy is provided to employers who seek to maintain employment of workers by such means as temporary leave from work, training or transfers when a business has to downsize due to economic factors. It subsidizes parts of absence allowance or wages, etc.
The Japanese government has announced an exceptional measure to extend the eligibility for this subsidy to those employers who are affected by the new coronavirus infections, including the tourism industry and the manufacturing industry due to the negative impact of the virus on the procurement and supply of components, etc.(Resource: Ministry of Economy, Trade and Industry leaflet, as of 13:00, March 3, 2020)
- This Month’s Words of Wisdom
Perseverance is a word rom long time ago, but it is very effective.
Successful people are those who continue even after others have given up.
Perseverance is more important than intellect, birth, and connections.
Persevere and keep hitting until the door breaks!
(Jerry Weintraub / music promoter, movie producer)
In the beginning, there was no Microsoft or Amazon, nor was there Sony or Honda.
But I think the key to those successes is condensed into the above words.
For more details, please refer to Nagamine & Mishima JC Accounting K.K.