The first group of professional accountants in Japan is said to have emerged around 1907,but it was not until 1927, when the Accountants Law was enacted, that a fledglinginstitute of professional accountants came into existence. However, the formalinstitutionalization of the profession had to wait for the enactment of the CPA Law (asamended) in July 1948, following the enactment of the Securities and Exchange Law(LawNo. 25, 1948) in April 1948. The CPA Law was designed to ensure the quality ofprofessionals compared with those in the U.S. mainly, and to establish socially recognizedstatus for CPAs. The Japanese Institute of Certified Public Accountants (JICPA) startedin 1949.
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