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For foreign companies operating in Japan, the convergence of Japanese accounting standards with IFRS (International Financial Reporting Standards) and US-GAAP (United States Generally Accepted Accounting Principles) presents unique challenges. While managing day-to-day accounting tasks under Japanese standards, it's crucial to understand and address the differences between these standards and their international counterparts. At RSM Shiodome Partners, we specialize in helping clients navigate these complexities, ensuring accurate and consistent consolidated financial statements and informed decision-making.
Most foreign companies operating in Japan handle accounting and tax procedures under Japanese standards initially, converting to IFRS or US-GAAP later during the consolidation process. We offer comprehensive analysis to assess the impact of adopting IFRS or US-GAAP on your accounting and tax practices, and we develop customized plans to ensure a smooth and efficient transition.
Converting financial statements from Japanese standards to IFRS or US-GAAP can be a complex undertaking. Our team of consultants, well-versed in the nuances of these different standards, is here to provide comprehensive support throughout the conversion and restructuring process. Our services include:
- Preparation of financial statements under both Japanese standards and IFRS
- Preparation of financial statements under both Japanese standards and US-GAAP
- Creation of detailed reporting packages for parent companies
Depending on the significance of your operations in Japan, you may be required to undergo audits by both Japanese and foreign audit firms. We act as your liaison, ensuring that you are fully prepared and equipped to address any inquiries or concerns raised during these audits.
Our goal is to empower your business to operate smoothly in the global marketplace. With our expert guidance and support, you can confidently manage your financial reporting under multiple accounting standards and make informed decisions that drive your success.
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IFRS/US-GAAP Convergence & Other Accounting Services – Fee Structure
Regarding the fee structure for our IFRS/US-GAAP Convergence & Other Accounting Services, we will provide a quotation either on a time charge basis or a fixed fee arrangement calculated from the estimated hours to be spent on the expected scope of work. Depending on the matters to be consulted, there may be cases where it would be difficult to apply the fixed fee arrangement. Nevertheless, RSM Shiodome Partners takes on the mission to provide excellent cost-effective services within the budget of the client. Please feel free to contact our consultants for the details of our fee structure.
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