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Unformatted text preview: ion and, as such, conservatively biased. Moreover, professional
accounting standards play only a residual role and it is only recently that the accounting
profession has started to assume a significant profile in socio-economic terms.
The most important instrument regulating accounting is the 1942 Civil Code, as amended in
1991 by the adoption of the Fourth and Seventh European Directives. The Commissione
Nazionale per le Società e la Borsa (CONSOB – National Commission for Companies and
the Stock Exchange) was set up to monitor quoted companies. 31 Japan
Japan as an accounting jurisdiction is characterized by the dominance of the state. The
accounting rules have been set out in the past 50 years as statute law with an implicit
objective that accounting should contribute to the growth of the national economy. Until very
recently, the accounting profession had played a minor role in shaping accounting practices.
Changes, however, seem to be taking place currently with a shift toward making financial
reporting more investor and creditor oriented and...
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- Fall '13
- The Land