At the 2014 World Federation of Exchanges (WFE) General Assembly & Annual Meeting, Mr. Masamichi Kono, Vice Minister for International Affairs of the Japanese Financial Services Agency (FSA) and Chair of the Monitoring Board of the IFRS Foundation, touched today on the importance of a single set of high quality global accounting standards. In a parallel development, Japan’s Business Accounting Council (BAC) met today to review the state of use of IFRSs in Japan.