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Regulations on Accounting of the Fukushima Institute for Research, Education and Innovation

Disclosure

Regulations No. 44 of 2023
April 1, 2023

Table of Contents

Chapter 1 General Provisions

(Purpose)

Article 1 The purpose of these Regulations is to establish standards concerning finance and accounting of the Fukushima Institute for Research, Education and Innovation (hereinafter referred to as the “Institute”) and to clarify its financial condition and operations in order to ensure the smooth operation of its business based on the provisions of Article 49 of the Act on General Rules for Incorporated Administrative Agencies (Act No. 103 of 1999; hereinafter referred to as the “Act on General Rules”) as applied mutatis mutandis pursuant to the provisions of Article 125 of the Act on Special Measures for the Reconstruction and Revitalization of Fukushima (Act No. 25 of 2012; hereinafter referred to as “Act on Special Measures”).

(Governing Rules)

Article 2 The finance and accounting of the Institute shall be governed by the provisions of these Regulations in addition to the provisions of the Act on Special Measures, the Act on General Rules, the Ordinance for Enforcement of the Act on Special Measures for the Reconstruction and Revitalization of Fukushima (Ordinance No. 3 of the Reconstruction Agency in 2012), other relevant laws and regulations, and the Statement of Operating Procedures of the Fukushima Institute for Research, Education and Innovation.

(Business Year)

Article 3 The business year of the Institute shall commence on April 1 of each year and end on March 31 of the following year.

(Affiliation Year Classification)

Article 4 The affiliation of the business year shall be based on the business year that includes the date on which the facts giving rise to the increase or decrease or change in assets, liabilities, and net assets, as well as income and expenses, of the Institute, occurred. However, when it is difficult to specify the date on which the facts giving rise thereto, it shall be based on the business year that includes the date when such facts are confirmed.

Chapter 2 Accounting System

(Accounting Unit and Accounting Officer)

Article 5 1 The accounting unit shall be the Institute, and the General Manager of the General Affairs Department shall be the Accounting Officer.

2 The Chief Director shall delegate the accounting affairs of the Institute as separately stipulated.

Chapter 3 Accounts and Account Book System

(Account Items)

Article 6 The transactions of the Institute shall be classified and organized according to the separately specified account items.

(Account Books, Etc.)

Article 7 1 The Accounting Officer shall keep account books and vouchers relating to accounting, record required matters in an orderly and clear manner, and preserve them.

2 Electromagnetic records may be used for the record and preservation of account books and the preparation and preservation of vouchers.

3 The form and the retention period of account books and vouchers shall be stipulated separately.

(Arrangement of Evidence)

Article 8 The Accounting Officer shall prepare vouchers for transactions related to increases, decreases, and changes in assets, liabilities, and net assets, as well as to the accrual of revenues and expenses, and shall thereby record and arrange them in the account books. In this case, documents evidencing said transactions shall, in principle, be arranged by attaching them to the vouchers prepared.

Chapter 4 Budget

(Execution of Budget)

Article 9 The execution of the budget shall be made clear at all times.

Chapter 5 Disbursement and Receipt of Money, Etc.

(Definition of Money, Etc.)

Article 10 1 “Cash” in these Regulations means, in addition to currency, checks, postal money orders, certificates of withdrawal from transfer savings , notices of bank payment of annual expenditure , notices of payment of treasury funds, and other certificates that can be exchanged for currency at any time.

2 “Deposits” in these Regulations means checking deposits, ordinary deposits, deposits at notice, separate deposits, time deposits, certificates of deposit, postal savings, and money trusts.

3 “Money” in these Regulations means cash and deposits.

4 “Securities” in these Regulations means national government bonds, municipal bonds, government-guaranteed bonds (meaning bonds for which the government guarantees redemption of the principal and payment of interest), and other securities designated by the competent minister.

(Bank, Etc.)

Article 11 1 The Accounting Officer may designate a financial institution and establish a deposit account.

2 When establishing a deposit account at a financial institution pursuant to the preceding paragraph, the Accounting Officer shall enter into an agreement with the financial institution.

3 The Accounting Officer may, when he/she deems it particularly necessary for the operation of the business, have a person designated by the Accounting Officer enter into the agreement set forth in the preceding paragraph.

(Custody of Cash)

Article 12 1 The Accounting Manager shall deposit cash at a financial institution (hereinafter referred to as “Bank, etc.”) with which he/she has established a deposit account pursuant to the provisions of paragraph 1 of the preceding Article.

2 The cash may be kept on hand for the payment of cash necessary for business and the payment of miscellaneous regular expenses and other small amounts.

(Receipt)

Article 13 When the Accounting Officer intends to receive money that is to become income, he/she shall, in principle, demand that the obligor perform the obligation.

(Payment)

Article 14 1 When making a payment, the Accounting Manager shall, in principle, make a transfer to an account at a financial institution designated by the counterparty (hereinafter referred to as “Transfer to the Account”). However, if it is necessary for petty cash payments or other transactions, it can be paid in cash.

2 When a payment is made, the Accounting Manager shall collect from the counterparty a receipt or other document that certifies the receipt. However, in the case of payment by the Transfer to the Account, a written transfer notice, etc. from the Bank, etc. may be accepted instead of a receipt.

(Prepayment or Provisional Payment)

Article 15 The Accounting Manager may make a prepayment or provisional payment of expenses separately determined by the Chief Director when necessary due to the nature of the expenses or the operation of the business.

(Payment of Advances)

Article 16 1 Under unavoidable circumstances, officers and employees may pay for the purchase of goods and other expenses necessary for the performance of their duties by paying an advance with the approval of the Accounting Manager.

2 When an officer or employee pays an advance under the preceding paragraph, the Accounting Manager shall pay the amount thereafter.

(Balance Reconciliation)

Article 17 1 The balance of cash shall be reconciled to the cash book after the close of each day’s receipts and disbursements.

2 The deposits shall be reconciled at the end of each month with the transaction records of the Bank, etc. and the deposit book, and a certificate of deposit account balance shall be collected from the Bank, etc. at the end of the business year to confirm the reconciliation with the balance of the deposit book.

(Excess or Deficiency of Money)

Article 18 If there is any excess or deficiency in account books and cash, the Accounting Officer shall immediately investigate the cause thereof and take necessary measures.

Chapter 6 Funds

(Management of Funds)

Article 19 Management of funds shall be carried out systematically and appropriately.

Chapter 7 Assets

(Classification of Assets)

Article 20 1 Assets shall be classified into current assets and fixed assets.

2 The current assets set forth in the preceding paragraph shall be cash and deposits, securities, accounts receivable, inventories, advance payments, prepaid expenses, accrued revenue, provisions for bonuses-per contra, and other similar assets.

3 The fixed assets set forth in paragraph 1 shall be as follows:

(Valuation Standards and Valuation Methods for Securities)

Article 21 Securities shall be classified into the following classifications according to the purpose for which they are held, and the value to be recorded on the balance sheet (hereinafter referred to as “Balance Sheet Value”) shall, in principle, be the amount listed in each of the following items:

2 The Balance Sheet Value of a held-to-maturity bond shall be stated at the amount calculated based on the amortized cost method, notwithstanding the provision of item 2 of the preceding paragraph if the said bond was acquired at a price lower or higher than the bond amount and the nature of the difference between the acquisition cost and the bond amount is recognized as an adjustment of interest rate.

(Scope of Inventories)

Article 22 Inventories shall be uncompleted contract research expenditures and supplies of not less than a reasonable value.

(Valuation Methods for Inventories)

Article 23 1 The Balance Sheet Value of inventories shall, in principle, be the acquisition cost, which is calculated by adding the incidental expenses such as take-back costs to the purchase price or manufacturing cost and applying a predetermined method such as the specific identification method, first-in, first-out method, average cost method.

2 Notwithstanding the provision of the preceding paragraph, if the market value falls below the acquisition cost set forth in the preceding paragraph, the market value shall be used as the Balance Sheet Value.

(Value of Fixed Assets)

Article 24 The acquisition cost of fixed assets shall be determined as follows. However, the acquisition cost of an intangible fixed asset shall be the price paid for it only when it is acquired for value:

(Management of Fixed Assets)

Article 25 1 Fixed assets shall be managed by keeping an account book of increases, decreases, and changes by property.

2 Necessary matters for the management of fixed assets and assets not recorded as tangible fixed assets under the provisions of Article 20 that should be treated in the same manner as fixed assets shall be separately stipulated by the Chief Director.

(Allowance for Doubtful Accounts)

Article 26 1 The allowance for doubtful accounts shall be recorded for the estimated amount of doubtful accounts as of the end of the business year.

2 The allowance for doubtful accounts shall be presented in the assets section of the balance sheet using the deduction method.

(Depreciation)

Article 27 Depreciation of fixed assets shall be made in accordance with the straight-line method.

2 Durable life shall be determined and residual value, etc. shall be calculated by taking into consideration the criteria specified in the Ministerial Ordinance for Durable Life of Depreciable Assets (Ministry of Finance Ordinance No. 15 of 1965). However, the period of depreciation of fixed assets purchased for specific research shall be determined by taking into consideration individual circumstances.

(Accounting for the Impairment)

Article 28 1 When an impairment loss is recognized on a fixed asset, the carrying amount of the fixed asset shall be reduced to an appropriate amount by an appropriate method.

2 Matters necessary for accounting for the impairment of fixed assets shall be determined separately by the Chief Director.

Chapter 8 Liabilities and Net Assets

(Classification of Liabilities)

Article 29 1 Liabilities shall be classified into current liabilities and fixed liabilities.

2 The current liabilities set forth in the preceding paragraph shall be the facility expenses received, subsidies received, etc., contributions received, short-term borrowings, accounts payable, accrued expenses, accrued consumption taxes, etc., advances received, deposits received, unearned revenue, provisions, and other similar items.

3 The fixed liabilities set forth in paragraph 1 shall be the long-term lease obligations, contra-accounts for assets, provisions and other similar items.

(Classification of Net Assets)

Article 30 1 Net assets shall be classified into capital, capital surplus, and retained earnings (or loss carried forward).

2 The capital set forth in the preceding paragraph shall be investments from the government and the local governments of Fukushima as stipulated in Article 95 of the Act.

3 The capital surplus set forth in paragraph 1 shall be the amount calculated by deducting the accumulated other administrative costs relating to the fixed assets acquired with the facility expenses, etc. from the capital surplus resulting from capital transactions. In this case, capital transactions shall include transactions related to donated capital and revalued capital, as well as transactions to acquire fixed assets through facility expenses, etc.

4 The retained earnings (or loss carried forward) set forth in paragraph 1 shall be the reserve fund under Article 120, paragraph 1 of the Act, the reserve fund carried forward from the previous medium-term target period under Article 120, paragraph 3 of the Act, the reserve fund to be used for the surplus in the medium-term plan approved by the competent minister under Article 120 of the Act, and unappropriated retained earnings at the end of the term (or unappropriated loss at the end of the term).

Chapter 9 Contract

(Method of Contract)

Article 31 1 When entering into a contract for sale, lease, contract work, or other agreement, the Accounting Officer shall put the contract out to tender by giving public notice and inviting applications.

2 The Chief Director shall separately stipulate the qualifications required for persons who intend to participate in the tender prescribed in the preceding paragraph (hereinafter referred to as “Open Tender”) and methods of public notice and other matters necessary for tender.

(Designated Competition)

Article 32 Notwithstanding the provisions of the preceding Article, the Account Officer may put a contract out to designated tender (meaning bidding conducted by designating bidders; the same applies hereinafter) in the following cases:

(Private Contracts)

Article 33 Notwithstanding the provisions of the preceding two Articles, the Accounting Officer may enter into a private contract (meaning a contract in which the counterparty to the contract is not selected by the method of tender but from among parties deemed appropriate; the same shall apply hereinafter) in the following cases:

(Principle of Bidding)

Article 34 The Open Tender and the designated tender shall be conducted through the method of bidding.

(Method of Successful Bidding)

Article 35 1 When putting a contract out to tender, the Accounting Officer shall designate as the counterparty to the contract the party that submitted the offer with the lowest price within the scheduled price limitation in the case of a contract causing payment, or the party that submitted the offer with the highest price within the limitations of the scheduled price in the case of a contract giving rise to income. However, when determining the counterparty to a contract causing payment and if it falls under the case separately stipulated by the Chief Director, the party that submitted the offer with the lowest price out of all other parties that submitted an offer with a price within the scheduled price limitation may be designated as the counterparty.

2 Notwithstanding the provision of the preceding paragraph, with respect to a contract for which it is difficult to determine the counterparty to the contract under the provisions of the preceding paragraph due to its nature or purpose, the party that submitted an offer where the price or other conditions are the most favorable (in the case of the proviso of the same paragraph, the next most favorable one) may be designated as the counterparty.

(Preparation of Contracts)

Article 36 When the Accounting Officer has determined the successful bidder through tender or has determined the counterparty of a private contract, he/she shall prepare a written contract describing the purpose of the contract, contract amount, matters concerning the performance period, and other necessary matters concerning performance. However, this shall not apply in cases where the Chief Director prescribes otherwise.

(Supervision and Inspection)

Article 37 1 When the Accounting Officer enters into a contract for construction work or manufacturing or any other contract work, he/she shall provide the necessary supervision to ensure the proper performance of the contract.

2 The Accounting Manager shall, with respect to contracts for contract work stipulated in the preceding paragraph, contracts for the purchase of property, and other contracts, conduct inspections necessary to confirm that the delivery to be received thereby has been completed (including confirmation of the portion of the construction work, etc. already completed or the portion of the property already delivered when it is necessary to pay part of the price before completion of the delivery).

3 In the case of the preceding two paragraphs, the supervision set forth in paragraph 1 or the inspection set forth in the preceding paragraph may be omitted in part for contracts under which there are special provisions to the effect that replacements, repairs, or other necessary measures shall be taken in the event of damage, deterioration, degradation of performance, or any other accident occurring within a reasonable period after completion of delivery of the property and thereby the contents of the delivery are deemed to be secured.

Chapter 10 Closing

(Monthly Closing)

Article 38 The Accounting Manager shall prepare documents separately stipulated to clarify monthly financial conditions.

(Year-End Closing)

Article 39 When closing the accounts at the end of the business year, the valuation of assets, the adjustment of receivables and payables, and other closing adjustments shall be accurately carried out to establish closing figures in order to obtain true figures regarding the balance of assets and liabilities as of the end of the business year and profit and loss for the business year.

(Financial Statements and Statements of Accounts)

Article 40 The following financial statements and statements of accounts shall be prepared after the adjustments set forth in the preceding Article:

Chapter 11 Internal Audit and Compensation Liability

(Internal Audit)

Article 41 The Chief Director may, when deemed necessary to ensure proper budget execution and accounting, have a specially ordered officer or employee conduct an internal audit.

(Accounting Obligations and Responsibilities)

Article 42 1 The officers and employees of the Institute shall perform their respective duties with the care of a good manager and in accordance with these Regulations and the laws and regulations applicable or applied mutatis mutandis to finance and accounting.

2 If any officer or employee of the Institute causes damage to the Institute in violation of the provisions of the preceding paragraph, either intentionally or through gross negligence, he/she shall be liable to compensate therefor.

(Responsibility of Users of Articles, Etc.)

Article 43 If any officer or employee intentionally or through gross negligence loses or damages the fixed assets or other articles of the Institute used in the performance of his/her duties, he/she shall be liable to compensate therefor.

(Determination of Liability for Compensation and Order for Compensation)

Article 44 If any officer or employee causes damage to the Institute, the Chief Director shall determine whether compensation is necessary and the amount of compensation.

Chapter 12 Miscellaneous Provisions

(Others)

Article 45 The Chief Director may, when deemed necessary to improve the efficiency of affairs related to finance and accounting, change the scope of affairs under the jurisdiction of the Accounting Officer as stipulated in these Regulations, or have the Accounting Officer perform affairs other than those under his/her jurisdiction.

(Detailed Regulations)

Article 46 In addition to the provisions set forth in these Regulations, necessary matters concerning finance and accounting shall be determined separately by the Chief Director.

Supplementary Provision

These Regulations shall come into effect on April 1, 2023.

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