Japan becomes the newest IFRS country
Dec 11, 2009
The Financial Services Authority of Japan (FSA) has Published on its Website, in Japanese, final Cabinet Office Ordinances that allow some Japanese public companies voluntarily to start using IFRSs designated by the Commissioner of the FSA ('Designated IFRSs') in their consolidated financial statements starting from the fiscal year ending 31 March 2010. Concurrently, the Commissioner published the Designated IFRSs as of 11 December 2009.
To be eligible to voluntarily start using IFRSs in 2010, domestic Japanese companies must meet both of (1) and (2) below:
- condensed consolidated financial statements reported in accordance with Japanese GAAP (for the current and previous fiscal years) and a description of material changes in converting to Designated IFRSs; and
- a description of differences between main items prepared in accordance with Designated IFRSs and Japanese GAAP.