Which of the following accurately reflects Japanese accounting?

Question

Quizplus · Accepted Answer

Tax law is a major influence in Japanese accounting as corporate tax returns must be based on the annual accounts approved by shareholders. Options A and B are not accurate as Japanese accounting standards tend to be less detailed in the law and the true and fair view concept is acceptable. Option C is also incorrect as Japanese accounting tends to follow a legalistic approach to valuation rather than a business economics approach.

Which of the Following Accurately Reflects Japanese Accounting