Japan proposes to 'designate' additional IFRSs
On 23 March 2012, the Financial Services Agency (FSA) of Japan proposed additional IFRS to be designated for use by companies voluntarily applying IFRSs in Japan.
The proposal intends to add all IFRSs (including amendments) released between 1 January and 31 December 2011 to the list of 'designated IFRSs'.
Such IFRSs include:
- the "package of five" standards on consolidation, joint arrangements and disclosures, i.e. IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011).
- IFRS 13 Fair Value Measurement
- Amendments to IFRS 7/IFRS 9 and IAS 32 issued by the IASB on 16 December 2011
- IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine.
Public comments on the proposal are due by 23 April 2012. The proposal is available on the FSA website (in Japanese).