Basically, the list includes all IFRSs and Interpretations issued on or before 30 June 2009. Therefore, the list does not include, for example, IFRS 9, IFRIC 19, or the 2009 revisions to IFRS 1, IFRS 2, IAS 24, IAS 32, and IFRIC 14 (some of which become mandatory for annual periods beginning 1 January 2010). The revised Ordinances also discontinue a provision of the current law that allows some Japanese listed companies domestically to submit their consolidated financial statements using US GAAP. About 35 Japanese companies take advantage of this provision. Use of US GAAP will be prohibited starting in fiscal years ending after 31 March 2016. Click for Summary of the Ordinances
(PDF 51k) from the FSA's website. The IASB has issued a welcoming Press Release
A company that chooses to apply Designated IFRSs will be required to disclose in the initial fiscal year of such application:
- 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.
In subsequent fiscal years, the company will be required to disclose only the information set out in (2) above. Japan intends to consider, around 2012, whether to make IFRSs mandatory for all public companies starting around 2015 or 2016.