Welcome to the UofA - ACCTG 442 P9 mini wiki at Scratchpad!

You can use the box below to create new pages for this mini-wiki. Make sure you type [[Category:UofA - ACCTG 442 P9]] on the page before you save it to make it part of the UofA - ACCTG 442 P9 wiki (preload can be enabled to automate this task, by clicking this link and saving that page. Afterwards, you may need to purge this page, if you still see this message).

Division of parts

Introduction to East Asia - Scott

1) Japan & Korea mature economies maybe not the same extent as the USA.

2) Touch on environmental factors on East Asia

3) Compare/contrast versus North American

4) Accounting differences


1) Culture & keiretsu and how it affects accounting, convergence, problems, etc. - Tim

2) Business structure & keiretsu and how it affects accounting, convergence, problems, etc. - Alex


1) Culture & business structure - Angel

2) How does culture & business affect accounting as international accounting, convergence, problems, etc. - Fady

Conclusion - Scott

1) Pros, cons, challenges, similarities of East Asia adopting IFRS.


What is Keiretsu?(1)

In corporate culture, keiretsu refers to a uniquely Japanese form of corporate organization. A keiretsu is a grouping or family of affiliated companies that form a tight-knit alliance to work toward each other's mutual success. The keiretsu system is also based on an intimate partnership between government and businesses. It can best be understood as the intricate web of relationships that links banks, manufacturers, suppliers, and distributors with the Japanese government.

These ironclad corporate alliances have caused much debate and have been called "government-sponsored cartels." While some think keiretsu are a menace to trade, others see them as a model for change. Features common to most keiretsu include "main bank," stable shareholding, and seconded directors. Some keiretsu concepts have no American parallel such as "general trading company." The keiretsu system is one of the profound differences between Japanese and US business structures.

Keiretsu operate globally and are integrated both vertically and horizontally. They are organized around their own trading companies and banks. Each major keiretsu is capable of controlling nearly every step of the economic chain in a variety of industrial, resource and service sectors.


Business Structure of Japan -

Japanese post-war economic miracle -

Doing business in Japan, why it makes sense -

Japanese 123 Keiretsu -

Havard: What Westerners don't know about Keiretsu -

Mitsubishi: Fall of Keiretsu -












The keiretsu in Japan's economy -





Horizontal Keiretsu

Horizontal : Integration across industries.

Horizontal keiretsu are headed by major Japanese banks and include the "Big Six" - Mitsui, Mitsubishi, Sumitomo, Fuyo, Sanwa, and Dai-Ichi Kangyo Bank Groups.

Vertical Keiretsu

Vertical : Groups of companies within the same distribution system.

Vertical keiretsu are industrial groups connecting manufacturers and part suppliers or manufacturers, wholesalers and retailers. These verticle keiretsu include car and electronics producers (Toyota, Nissan, Honda--Matsushita, Hitachi, Toshiba, Sony)) and their "captive" subcontractors. Distribution keiretsu, a subgroup of vertical keiretsu, control much of Japanese retailing, determining what products will appear in stores and showrooms -- and at what price.

-Toyota is considered the biggest of the "vertically-integrated" keiretsu groups. (2)





Future Directions of Accounting Standards in Japan - Oct. 14/08

Significance of convergence and the role of IFRS in Japan

Japanese GAAP Equivalent to IFRS

Japans movement towards adoption of IFRS: Cosmetic or Economic

Japanese & US GAAP Differences (DM) -

Japan Agrees to IFRS Convergence by 2011 (DM) -

Tokyo Agreement ASBJ (DM) -

Business Etiquette and Protocol in Japan (DM) -

Japanese GAAP 2 Sets of Financial Statements (DM) -


Interactions between Japanese and international accounting academics




Doing Business in Korea:


IFRS vs K GAAP$FILE/Korean%20Sims%20&%20Diffs%20extract.pdf

South East Asia

A comparative study of accounting adaptation: China and Japan during the nineteenth century



Editing basics

1) Just click the 'Edit' link next to each subheading in the right hand margin to edit/add information within that subheading.

2) Once you are in edit mode, just type like a regular word document.

3) To add links, just copy paste the link, and it will link itself.

4) Remember to click 'Save page' at the bottom before exiting to save the changes.

5) If there is anything else you need to know, check out the tutorial @

Ad blocker interference detected!

Wikia is a free-to-use site that makes money from advertising. We have a modified experience for viewers using ad blockers

Wikia is not accessible if you’ve made further modifications. Remove the custom ad blocker rule(s) and the page will load as expected.