Fair Value, Convergence, and the Effects on the Japanese Accounting System

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The objective of this research, using Japan as a case study, is to show that accounting as the language of business is primarily affected by measurement bases including historical cost, fair value, and present value and politics of international standards-setting bodies such as the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). These factors cannot be ignored in the process of significant accounting reforms and recent convergence processes in Japan. This research clarified that Japan has achieved the so-called Americanization of convergence with maintaining Japanese accounting values. As such, this research provided useful insights into the Japanese specific process of convergence, which aimed at integrating the Japanese specific accounting system and its surrounding sub-systems with International Financial Reporting Standards (IFRS) and the Anglo-American model.