Please give some references with your answers.

Japan decided to let the market decide, which provided the rest of the world with a very interesting economic experiment. Unlike most jurisdictions, no Japanese company is forced to use a particular set of accounting standards. Domestic and foreign companies in Japan can choose one of four accepted financial reporting frameworks: 1. Japanese GAAP 2. US GAAP 3. IFRS 4. Japans Modified International Standards (JMIS)Which set of accounting standards do Japanese companies choose to follow?

When companies are given free choice, do they stick with their national GAAP or US GAAP, or do they switch to international standards?

If they do switch, do they choose pure IFRS Standards or a version of IFRS modified to meet local preferences?

What can we infer from the accounting standard choice in Japan? o Why did companies make the accounting standards choice that they did?

Do you see any commonalities among companies choosing any one set of standards?

What does the accounting standard choice tell us about Japanese companies?

What can other countries learn from this experiment in Japan?

What is your personal view on the experiment?

Should countries mandate accounting standards or should accounting standards be a firm-level decision? Why?