1. Accounting（Accounting treatment for issuing and holding “Electronically recorded transferable rights” under the Financial Instruments and Exchange Act and ICO tokens within the scope of “Cryptoassets” under the Payment Services Act）
According to ASBJ (Accounting Standards Boards of Japan), ASBJ PITF is scheduled to be published this January, soon to finalize the development of a new accounting standard on accounting treatment for issuing and holding electronically recorded transferable rights that must be indicated on securities.
As for accounting treatment for issuing and holding Initial Coin Offering (ICO) tokens that fall within the scope of cryptoassets under the Payment Services Act, summary of issues is to be published with some intention to confirm the necessity to develop a new accounting standard.
2. Tax (2021 Final Tax Return – Application for Postponement of the Due Date of Final Return due to the Novel Coronavirus Spread)
February 3rd, 2022 The National Tax Agency announced a temporary measure for individual taxpayers who face difficulty in filing their 2021 final returns as well as making their tax payments by the due date because of the influence of the novel coronavirus, which will allow them to extend the due date of file and payment until April 15th, 2022, using a prescribed simple method. In order to apply for this measure, the only thing required for such taxpayers is to append a note saying “新型コロナウィルスによる申告・納付期限延長申請/Application for Postponement of the Due Date of Filing and Payment due to the Novel Coronavirus” onto the designated space at the top margin on their tax form, or the remark column if they file online; e-Tax, when they file.
3. Labor Management (Tackling SOGI harassment)
SOGI harassment is discrimination on the grounds of employee’s sexual orientation and gender identity (SOGI). When SOGI harassment is complained at workplace, the incident will be categorized as sexual harassment or power harassment, which will possibly lead to the situation where the employer is deemed to have breached its duty to take reasonable preventive actions, or there are even some cases in practice where such incidents have been approved as the industrial accident. The below listed are some measures and actions potentially taken by employers.
１．Develop policies and rules and have them stipulated in writing
２．Make efforts on human resources and employment management
３．Provide education and build awareness
It is advisable for every employer to consider taking preventive measures and actions on power harassment including SOGI harassment, since those small and medium enterprises are also to be required to implement such anti-power harassment measures from 1 April 2022 onward.
(Source: Ministry of Health, Labour and Welfare)
4. This Month’s Words of Wisdom
“The periods of happiness in it are the blank pages of history.”
-Georg Wilhelm Friedrich Hegel
Let me list, at the time of 2022, some impressive historical events for Japanese in the last three decades, they would be:
The Fall of the Berlin Wall (1989),
The Great Hanshin-Awaji Earthquake (1995), The Great East Japan Earthquake (2011), Switching to the prime minister-led political system (2012), and The COVID-19 pandemic (2019～).
Have I missed anything out?
For more details, please refer to Nagamine & Mishima JC Accounting K.K.
