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Mt. McKinely, Alaska - Early Spring |
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At the end of April we got the short term audit report from Chuo-Aoyama Price waterhouse Coopers. It clearly announced the subjects and issues that we have for Initial Public Offering together with the improvement measures. Of course we have tried to make our accounting data reliable and precise, but from the eyes of professional auditors, we still remain in the immature stage. In the past several years, so-called "Accounting Big Bang" was introduced in Japan. Since then the accounting standard transfigured largely from the conventional taxation basis to the international standard in accounting. Main financial statements have changed to consolidated statements from individual financial statements and cash flow statements and half-year consolidated statements were introduced with the information disclosure systems. Our company also now has to modify our present financial results to align with the new accounting standard. Not only accounting but also we have many subjects and issues to be improved and modify to the international standard. Management principles, Business development strategy, Comparison with competitors, Profit schedules, Budget control, Monthly financial statements, Cost accounting, Corporate governance, Organization, Subsidiaries, Business procedure, Disclosure system, ...etc. Assignments on how and what to do that have piled up are now clearly defined. However, much attention should be placed to "Every system should be effective". It is clearly specified in this year's Business Policy that "Improvement of Internal Administration should be equal to Strengthen Corporate Power ". First of all, priority shall be given to the establishment of the daily business processes. After slim and strong business systems shall be constructed, wherein the resulting data will be applied on each administration systems. Not merely data gathering for the sake of producing cost accounting journals. I think this is the most important matter of all. Not only for public offering of our stocks, we will improve our systems from that can be improved immediately and easily. I hope for your continued patronage and support for the Yamashin Filter Group. Thank you. Atsuhiko Yamazaki President Yamashin Filter Mfg. Corp. |
