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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


Japan

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


Korea

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.

Japan

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.


-http://en.wikipedia.org/wiki/Keiretsu

Business Structure of Japan - http://iml.jou.ufl.edu/projects/Spring01/Newsome/structure.html

Japanese post-war economic miracle - http://en.wikipedia.org/wiki/Japanese_post-war_economic_miracle

Doing business in Japan, why it makes sense - http://eurotechnology.com/doing-business-in-japan/index.shtml

Japanese 123 Keiretsu - http://www.japanese123.com/keiretsu.htm

Havard: What Westerners don't know about Keiretsu - http://hbswk.hbs.edu/archive/4791.html

Mitsubishi: Fall of Keiretsu - http://www.businessweek.com/1999/99_11/b3620009.htm

-http://web-japan.org/trends/business/bus050905.html

-http://internationalbusiness.wikia.com/wiki/Japanese_Keiretsu

-http://www.nationmaster.com/encyclopedia/Keiretsu

-http://www.applet-magic.com/honda.htm

-http://www.autofieldguide.com/columns/0905strat.html

-http://www.rotman.utoronto.ca/~baum/mgt2005/keiretsu.htm

-http://www.staffs.ac.uk/schools/business/bscourse/jbe/jbea4.htm

-http://blog.sourcinginnovation.com/2006/08/13/what-can-we-learn-from-keiretsu.aspx

-http://www.cenktolunay.com/keiretsu.htm

-http://www.newsweek.com/id/126738/output/print

-http://www.geocities.co.jp/WallStreet/4716/keiretsupaper.htm

The keiretsu in Japan's economy - http://pubs.acs.org/hotartcl/chemtech/97/jun/keir.html

-http://library.findlaw.com/2004/Feb/24/133346.html

-http://ideas.repec.org/p/dgr/eureri/30007069.html

-http://findarticles.com/p/articles/mi_qa3674/is_200010/ai_n8909859

-http://news.cnet.com/All-hail-the-Kleiner-keiretsu--not/2010-1071_3-281592.html

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)


(1) http://searchcio-midmarket.techtarget.com/sDefinition/0,,sid183_gci518852,00.html#

(2) http://www.sjsu.edu/faculty/watkins/toyota.htm

Economy/Accounting/IFRS

ASBJ http://www.asb.or.jp/index_e.php

Future Directions of Accounting Standards in Japan - Oct. 14/08 http://www.keidanren.or.jp/english/policy/2008/071.html

Significance of convergence and the role of IFRS in Japan http://www.meijigakuin.ac.jp/~econ/13press/discussion%20paper/2007/saitou%20shizuki%202007-01.pdf

Japanese GAAP Equivalent to IFRS http://www.iasplus.com/resource/0404japanequivalence.pdf

Japans movement towards adoption of IFRS: Cosmetic or Economic http://w4.stern.nyu.edu/emplibrary/Lily_Kim_honors_2007.pdf

Japanese & US GAAP Differences (DM) - http://www2g.biglobe.ne.jp/~ykawamur/gaap.htm

Japan Agrees to IFRS Convergence by 2011 (DM) - http://www.accountancy.com.pk/newsprac.asp?newsid=664

Tokyo Agreement ASBJ (DM) - http://www.asb.or.jp/html_e/asbj/pressrelease/pressrelease_20070808_e.pdf

Business Etiquette and Protocol in Japan (DM) - http://www.kwintessential.co.uk/resources/global-etiquette/japan-country-profiles.html

Japanese GAAP 2 Sets of Financial Statements (DM) - http://accountingdiaryinjapan.blogspot.com/2007/07/j-gaap-set-of-financial-statements.html

http://en.wikipedia.org/wiki/Economic_history_of_Japan

Culture

Interactions between Japanese and international accounting academics http://www.emeraldinsight.com/Insight/ViewContentServlet?Filename=Published/EmeraldFullTextArticle/Pdf/0590120107.pdf

Korea

Chaebol

http://en.wikipedia.org/wiki/Chaebol


http://www.sjsu.edu/faculty/watkins/chaebol.htm

http://www.iht.com/articles/2008/04/23/business/samsung.php?page=1

Economy/Accounting/IFRS

Doing Business in Korea: http://www.justlanded.com/english/South-Korea/Tools/Forums/Culture/Doing-business-in-Korea

http://www.communicaid.com/cross-cultural-training/culture-for-business-and-management/doing-business-in/South-korean-business-and-social-culture.php

http://www.kwintessential.co.uk/etiquette/doing-business-southkorea.html

http://www.worldbusinessculture.com/South-Korea-Business-Style.html

http://ezinearticles.com/?South-Korean-Business---An-Introduction-To-Business-In-Seoul&id=564726

http://www.korea4expats.com/article-business-practices-etiquette.html

KASB http://eng.kasb.or.kr/

IFRS vs K GAAP http://www.pwc.com/extweb/pwcpublications.nsf/dfeb71994ed9bd4d802571490030862f/20d3945d0c1578d3ca25719a003533cc/$FILE/Korean%20Sims%20&%20Diffs%20extract.pdf

South East Asia

A comparative study of accounting adaptation: China and Japan during the nineteenth century http://findarticles.com/p/articles/mi_qa3657/is_200212/ai_n9155013

Economy

http://www.apec.org/apec/member_economies/economy_reports.html

http://www.nytimes.com/2008/08/20/business/worldbusiness/20yen.html

http://web.ebscohost.com/ehost/detail?vid=4&hid=22&sid=7bdab495-7534-445c-9e43-1a1dd44960a1%40sessionmgr9&bdata=JmxvZ2lucGFnZT1Mb2dpbi5hc3Amc2l0ZT1laG9zdC1saXZlJnNjb3BlPXNpdGU%3d#db=a9h&AN=J0E056014035608

http://web.ebscohost.com/ehost/pdf?vid=4&hid=22&sid=7bdab495-7534-445c-9e43-1a1dd44960a1%40sessionmgr9

http://web.ebscohost.com/ehost/pdf?vid=4&hid=102&sid=d7c0418b-c738-4d92-b80f-d5663014ce22%40sessionmgr103

http://www.nytimes.com/2008/10/11/business/worldbusiness/11asia.html?_r=1&scp=1&sq=Declining%20Exports%20Weaken%20Once-Powerful%20Asian%20Economies&st=cse&oref=slogin

http://www.imf.org/external/np/exr/facts/asia.HTM

http://en.wikipedia.org/wiki/Asian_financial_crisis#South_Korea

Culture

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