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Japan

In: Transnational Accounting

Author

Listed:
  • Terumi Takita
  • Kenji Yumoto

Abstract

The establishment of a modern banking industry, supported by the power of active government leadership, played a pivotal role in the modernization of the Japanese economy during the Meiji Era. This establishment, privately managed, but overseen by the government, was achieved following the then most advanced methods. The bookkeeping system of the First National Bank (the first Japanese company, founded in 1873) was modelled on the National Bank Act of the United States and bank accounting practices of England. The establishment of the bank accounting system, done mainly to support economic development, resulted in the development of modern Japanese accounting. To prepare the framework for future development and preceding the founding of the first company, the National Bank Act had been promulgated in November 1872, and included three requirements that formed the basis of the accounting system of the First National Bank: Preparation of books of account and periodical reports. Periodic settlements. Examination of the bank by the Ministry of Finance.

Suggested Citation

  • Terumi Takita & Kenji Yumoto, 1995. "Japan," Palgrave Macmillan Books, in: Dieter Ordelheide (ed.), Transnational Accounting, chapter 0, pages 1805-1963, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-13233-1_20
    DOI: 10.1007/978-1-349-13233-1_20
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