Prior studies, using foreign companies as their samples, show that investors pay attention not only to the differences in net assets and net income, but also to the differences in individual accounting standards between local standards and International Financial Reporting Standards （IFRS） in making their investment decisions. However, related studies, using Japanese firms as their samples, fail to investigate the effects of differences in individual accounting standards mainly due to the difficulty in obtaining data. To fulfill the gap, this study specifically examines whether the differences in individual accounting standards between Japanese generally accepted accounting principles（Japanese GAAP） and IFRS have any incremental value relevance to Japanese GAAP accounting figures. The results show that the difference in net assets between Japanese GAAP and IFRS has no incremental value relevance to Japanese GAAP accounting figures; whereas, the difference in net income has negative incremental value relevance to Japanese GAAP accounting figures. The results further reveal that four accounting standards （goodwill, revenue recognition, income taxes, and impairment） have positive incremental value relevance to Japanese GAAP accounting figures.