Accounting System Committee Report No. 14, "Practical Guidelines on Accounting for Financial Instruments," which the JICPA published, set out the accounting treatment of derivative transactions and the requirements for applying hedge accounting as items of its own, and governed the application of financial instruments accounting under Japanese GAAP1. The JICPA abolished the report as of July 1, 2024, and its content was moved to the transfer guidance that the Accounting Standards Board of Japan (ASBJ) published on the same date2.

For its member certified public accountants and audit firms, the JICPA runs self-regulatory programs such as the quality control review system and the registration system for auditors of listed companies3.

Notes

  1. JICPA, Accounting System Committee Report No. 14, "Practical Guidelines on Accounting for Financial Instruments" (last revised July 4, 2019; checked on October 13, 2026), the table of contents (PDF page 4: "Derivative transactions," paragraphs 101 to 104, and "Requirements for applying hedge accounting," paragraphs 141 to 146). ↩

  2. JICPA, "Abolition of the practical guidance published by the Accounting System Committee upon transfer" (checked on October 13, 2026). The JICPA abolished the reports, including Accounting System Committee Report No. 14, as of July 1, 2024, and they were transferred to the ASBJ. ↩

  3. JICPA, "Overview and number of members" (checked on October 13, 2026), the main text (the only self-regulatory body, the makeup of members, and the self-regulatory programs). Its history is in the English page "History and Mission." ↩