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IFRS Adoption in Japan: A Global Way Forward

“The voluntary nature of IFRS usage in Japan means that this report provides very useful insight into the cost/benefit evaluation undertaken by major Japanese companies before deciding to proceed with IFRS. It is encouraging to see so many Japanese companies recognising the substantial benefits that come with using IFRS as the globally recognised set of accounting standards.”

These were the words of Hans Hoogervorst, Chairman of the International Accounting Standards Board, commenting on the press release by Japanese FSA on the Publication of ‘IFRS Adoption Report’.

 Since 2010, many Japanese companies have been reporting using IFRS as issued by the IASB. The press release from the Japanese Financial Services Agency (FSA) highlighted a study that tracked the number of Japanese firms that have chosen to report using IFRS since 2010. As of March 2015, the number stood at 75.  In the last two years, the number of these Japanese companies has actually doubled. The number is expected to increase to more than 100 companies by the end of 2015, representing greater than 20% of total market capitalisation.

 However, the motivating factors for companies to choosing to adopt IFRS voluntarily include:

  • Efficiency in business management
  • Enhanced comparability with competitors
  • Better communication with international investors
  • Better describes business performance
  • Facilitates greater access to international finance

 

View the Japanese FSA on the Publication of ‘IFRS Adoption Report’.

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FinTrak Bags Two BoICT 2015 Distinguished Awards

Lagos, Nigeria, April 28, 2015 – At the Beacon of ICT (BoICT) Distinguished Awards Event, FinTrak Software Co. LTD, a pan-African fast growing leader in Software development and services for banks, insurance, manufacturing and other sectors, won the “Software Company of the Year” award;  while the Group Managing Director, ‘Bimbo Abioye won the “ICT Entrepreneur of the Year” award.

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In 2014, FinTrak Software Co. LTD won the ‘Software Company of the Year 2014’and retained the same in this year’s awards. While, the GMD of the Company won the prestigious award of the “ICT Entrepreneur of the Year” for the first time on the Beacon of ICT (BoICT) Awards platform. Both of these awards underscore FinTrak’s position as an innovative and excellence driven company being led by a man with passion for ICT and an exceptional executive visionary and innovative leadership acumen.

The Beacon of ICT (BoICT) Distinguished Awards is organized by Nigeria Communications Week. The award is the biggest industry event with the aims of recognizing and rewarding companies that have contributed immensely to the country’s fast growing field of ICT. This is a respected merit-centric award for outstanding companies with best practices.  This year’s event which took place on 25th of April 2015 at the Eko Hotels and Suites in Lagos had Executives from Telecoms, NCS, ITAN, NITDA, NCC, NBC and others in attendance.

In his reaction to the awards, Bimbo Abioye highlighted that “I am very honoured to receive this prestigious awards. At FinTrak Software, we have always been focused on staying ahead of the curve, anticipating and quickly adapting to change and positioning our business model to capitalise on the developments in an increasingly digitalised world. These awards come as a call for more on our part and we are committed to working and achieving higher successes as we push the boundaries in the ICT Industry here in Africa and beyond”.

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FinTrak Software is a global ICT organization providing technology and business solutions to commercial banks, mortgage banks and other financial institutions across Africa. Their core mission is to support businesses with technologies and intellectual strength required to enable them surpass their stakeholders’ expectations, through strategic alliances. Their team has successfully implemented over 100 technology solutions for various enterprises engaged in Commercial Banking, Mortgage Banking, Insurance and Manufacturing across: Nigeria, Benin, Togo, Cote D’Ivorie, Gambia, Sierra Leone, Ghana, Senegal, Rwanda, Congo, Zambia and more in progress from our business offices in Nigeria, Ghana, Gambia and Kenya.

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FinTrak Software Live on the Blogosphere

Hello everyone,

As technology shape our present world, the imperative to note the huge contribution of Web 2.0 ( World Wide Web sites that use technology beyond the static pages of earlier Web sites, a term coined in 1999 by Darcy DiNucci and was popularized by Tim O’Reilly at the O’Reilly Media Web 2.0 conference in late 2004), under which Social Media surfaces. Social media in itself can viewed in the light of Media Sharing , Social News, Bookmarking Sites, Social Networks and most importantly Blog Comments and Forums cum Micro-blogging. Moreover, every business in recent times must take advantage of these tools in reaching out to staff and customers alike.

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FinTrak Software Co. Ltd is now live one the blogosphere. This platform services as a news platform for all clients (Internal and external). With the wealth of experience of our vastly talented team, every now and then, they will be sharing their knowledge with the general public via this medium.

Hence, take it a date with us here. Check back and read through our recently posted articles. Endeavour to follow us on Twitter, like us on Facebook and connect with us on Google Plus.