There was a seminar at the Security Analysts Association of Japan (SAAJ), having Mr Yamada of IASB as a speaker.
He kindly went through many of the discussions held at International Accounting Standards Board (IASB), regarding the Japanese accounting converging IFRS. One of the impressive part was the push back from Japan in terms of cross-shareholding that not everything will be included as losses/gains in the comprehensive income.
It is hard to comment about this from my stand point, having some foreign investors as clients, and some Japanese companies on the other hand. But from my personal view as a Japanese, I think these are sometimes necessary evil to save the high-end technology in the Japanese companies from short-termed large capital.