Q10: How is the financial closing conducted for a Japanese corporation?

Japanese Certified Public Accountant ・Tax Accountant Hiroya Aihara
Ringo Tax Corporation

A: A Japanese corporation conducts its financial closing in accordance with Japanese corporate tax law and accounting standards.

Explanation

A Japanese corporation conducts its financial closing in accordance with Japanese corporate tax law and accounting standards. Specifically, during the closing period, financial statements (balance sheet, profit and loss statement) are prepared, and tax returns are submitted. Additionally, at the request of the parent company, adjustments may be made to align with the parent company's accounting standards, or information necessary for the preparation of consolidated financial statements may be provided.

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