Shareholders’ Equity and Dividend Regulation in Japan: How Can Financial Reporting and Capital Maintenance Be Reconciled?
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Akio Hoshi
Abstract
The concept of shareholders’ equity is fundamental in both company law and financial reporting standards. In continental European countries and Japan, these legislations have traditionally shared common principles by limiting the source of distribution to shareholders to the accumulated profits a company has earned. As the purposes of financial accounting have progressed towards decision usefulness for investors, however, the link between accounting and statutory distribution restriction has been undermined. Our research addresses the treatment of shareholders’ equity in Japan based on legal primary sources and related literature. Its purpose is to explain the divergence between financial reporting and dividend restrictions in light of their contrasting objectives. Our findings provide two main implications. First, reconciling financial reporting and dividend restriction requires a complex recalculation of distributable profits. The regulation has become too complex to ensure all the companies easily comply with dividend distribution restrictions. Second, the underlying definitions of equity items and their presentation in financial statements have remained consistent between the Companies Act provisions and the accounting standards even after converging with the IFRS. This has been achieved by splitting the concept of shareholders’ equity from net assets in financial accounting.
Funding source: Japan Society for the Promotion of Science
Award Identifier / Grant number: 17K13827
Award Identifier / Grant number: 20K01373
Award Identifier / Grant number: 20K020020
Award Identifier / Grant number: 23H00755
Acknowledgments
This research was supported by JSPS Kakenhi grants No. 20K020020, No. 20K01373, No. 17K13827 and No. 23H00755.
Annex 1: Calculation of Distributable Amount
| Calculation of the amount of surplus | Legal grounds | ||
|---|---|---|---|
| 1(+) | Amount of surplus as of the closing date of a company’s accounts | Amount of assets | Act art 446, item 1(a) |
| 2(+) | Book value of treasury shares | Act art 446, item 1(b) | |
| 3(−) | Amount of liabilities | Act art 446, item 1(c) | |
| 4(−) | Total amount of stated capital and reserves | Act art 446, item 1(d) | |
| 5(−) | Amount of assets (item 1 above) | Act art 446, item 1(e); regulation art 149, item 1 | |
| 6(−) | Book value of treasury shares (item 2 above) | Act art 446, item 1(e); regulation art 149, item 1 | |
| 7(+) | Amount of liabilities (item 3 above) | Act art 446, item 1(e); regulation art 149, item 2 | |
| 8(+) | Total amount of stated capital and reserves (item 4 above) | Act art 446, item 1(e); regulation art 149, item 2 | |
| 9(+) | Other capital surplus | Act art 446, item 1(e); regulation art 149, item 3 | |
| 10(+) | Other retained earnings surplus | Act art 446, item 1(e); regulation art 149, item 4 | |
| 11(+) | Change in the amount of surplus after the closing date of a company’s accounts | Gains or losses from the sales of treasury shares | Act art 446, item 2 |
| 12(+) | Amount of surplus reallocated from stated capital | Act art 446, item 3 | |
| 13(+) | Amount of surplus reallocated from reserves | Act art 446, item 4 | |
| 14(−) | Book value of cancelled treasury shares | Act art 446, item 5 | |
| 15(−) | Amount of dividends of surplus | Act art 446, item 6 | |
| 16(−) | Amount of stated capital and reserves reallocated from surplus | Act art 446, item 7; regulation art 150, para 1, item 1 | |
| 17(−) | Increased amount of reserves accompanying with dividends of surplus | Act art 446, item 7; regulation art 150, para 1, item 2 | |
| 18(−) | Book value of treasury shares delivered as consideration for corporate reorganisations | Act art 446, item 7; regulation art 150, para 1, item 3 | |
| 19(−) | Reduced amount of surplus accompanying with spin-off | Act art 446, item 7; regulation art 150, para 1, item 4 | |
| 20(+) | Increased amount of surplus accompanying with corporate reorganisations | Act art 446, item 7; regulation art 150, para 1, item 5 | |
| 21(+) | Increased amount of other capital surplus as a result of the performance of compensation liabilities involving with unfair subscription or in-kind contribution | Act art 446, item 7; regulation art 150, para 1, item 6 | |
| 22(+) | Increased amount of other capital surplus accompanying with the award of the pre-delivery type share compensation to directors and officers | Act art 446, item 7; regulation art 150, para 1, item 7 | |
| 23(+) | Increased amount of other capital surplus accompanying with the return of shares delivered as share compensation | Act art 446, item 7; regulation art 150, para 1, item 8 | |
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| Calculation of the distributable amount | |||
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|
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| 24(+) | Amount of surplus (as calculated above) | Act art 461, para 2, item 1 | |
| 25(+) | Periodic net profits and consideration for the sales of treasury shares recognised in provisional financial statements | Act art 461, para 2, item 2 (a) and (b); regulation art 156 | |
| 26(−) | Book value of treasury shares | Act art 461, para 2, item 3 | |
| 27(−) | Consideration for the sale of treasury shares after the closing date of a company’s accounts | Act art 461, para 2, item 4 | |
| 28(−) | Periodic net losses recognised in provisional financial statements | Act art 461, para 2, item 5; regulation art 157 | |
| 29(−) | Goodwill and deferred assets adjustment amount | Act art 461, para 2, item 6; regulation art 158, item 1 | |
| 30(−) | Valuation losses in other securities valuation difference | Act art 461, para 2, item 6; regulation art 158, item 2 | |
| 31(−) | Valuation losses in land revaluation differences | Act art 461, para 2, item 6; regulation art 158, item 3 | |
| 32(−) | Adjustments for a company to which consolidated dividend restriction apply | Act art 461, para 2, item 6; regulation art 158, item 4 | |
| 33(−) | Adjustments for a company which prepared provisional financial statements twice or more | Act art 461, para 2, item 6; regulation art 158, item 5 | |
| 34(−) | 3 million yen less equity elements other than surplus | Act art 461, para 2, item 6; regulation art 158, item 6 | |
| 35(−) | Amount of consideration for treasury shares delivered in accompany with corporate reorganisations after the closing date of a company’s accounts and recognised in provisional financial statements | Act art 461, para 2, item 6; regulation art 158, item 7 | |
| 36(−) | Items 21 and 22 above | Act art 461, para 2, item 6; regulation art 158, item 8 | |
| 37(+) | Book value of treasury shares a company acquired in exchange for its treasury shares in share-for-share swap that took place after the closing date of the company’s accounts | Act art 461, para 2, item 6; regulation art 158, item 9 | |
| 38(+) | Amount of consideration for treasury shares delivered in accompany with corporate reorganisations after the closing date of a company’s accounts | Act art 461, para 2, item 6; regulation art 158, item 10 | |
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Source: adapted and translated by the authors from Tanaka (2023), p. 461.
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Articles in the same Issue
- Frontmatter
- Research Articles
- ELI Guidance on Company Capital and Financial Accounting for Corporate Sustainability: A Foreword
- The Historical Evolution of Corporate Social Responsibility: A Foreword to the ELI Guidance
- Introduction to “Better Company Law for Sustainable Business Conduct: ELI Guidance on Company Capital and Financial Accounting for Corporate Sustainability”
- ELI Guidance on Company Capital and Financial Accounting for Corporate Sustainability
- The Effects of Applying the ELI Recommendations for Corporate Sustainability: Illustrative Examples
- Financial Sustainability of the Company and the Principle of Share Capital Maintenance
- Accounting Policies and Dividend Limitation: A European Comparison
- Important Features of Capital Maintenance in Germany
- Financial Reporting and the Determination of Distributable Profits: A Broken Link. The Case of Italy
- Accounting Standards for Equity Capital Management and Dividend Distributions in France
- Financial Statements and the Determination of Distributable Profits in Croatia
- Shareholders’ Equity and Dividend Regulation in Japan: How Can Financial Reporting and Capital Maintenance Be Reconciled?
Articles in the same Issue
- Frontmatter
- Research Articles
- ELI Guidance on Company Capital and Financial Accounting for Corporate Sustainability: A Foreword
- The Historical Evolution of Corporate Social Responsibility: A Foreword to the ELI Guidance
- Introduction to “Better Company Law for Sustainable Business Conduct: ELI Guidance on Company Capital and Financial Accounting for Corporate Sustainability”
- ELI Guidance on Company Capital and Financial Accounting for Corporate Sustainability
- The Effects of Applying the ELI Recommendations for Corporate Sustainability: Illustrative Examples
- Financial Sustainability of the Company and the Principle of Share Capital Maintenance
- Accounting Policies and Dividend Limitation: A European Comparison
- Important Features of Capital Maintenance in Germany
- Financial Reporting and the Determination of Distributable Profits: A Broken Link. The Case of Italy
- Accounting Standards for Equity Capital Management and Dividend Distributions in France
- Financial Statements and the Determination of Distributable Profits in Croatia
- Shareholders’ Equity and Dividend Regulation in Japan: How Can Financial Reporting and Capital Maintenance Be Reconciled?
