Japanese companies and subsidiaries jostle to beat JSox compliance deadline
TOKYO – Some 3,800 listed companies in Japan, including their foreign subsidiaries, are required to comply with JSox, the unofficial term for the new set of laws governing financial reporting, by the end of March 2008. And true to regulatory compliance form, companies who adopted the wait-and-see attitude to JSox, before the final guidance was published two months ago, now need to step up their programmes to meet the deadline.
"Similar to the US, there have been some companies complying early with JSox, but many companies waited until the final guidance was released, and so are now only in the early stages," says JR Reagan, managing director and global solution leader of BearingPoint's Risk, Compliance and Security Practice.
Although JSox is similar in substance to sections 302 (management certification) and 404
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