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Japan 'designates' additional IFRSs

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30 Dec 2012

On 28 December 2012, the Financial Services Agency of Japan announced that additional IFRSs were designated for use by companies voluntarily applying IFRSs in Japan.

The announcement has effectively included all IASB pronouncements issued up to 31 October 2012. This means that Investment Entities – Amendments to IFRS 10, IFRS 12 and IAS 27 issued by the IASB on 31 October 2012 are now available for use in Japan. Consequently, IFRSs 'designated' for use by companies voluntarily applying IFRSs in Japan have become exactly the same as IFRSs as issued by the IASB as at 31 October 2012.

The designation of the investment entities amendments in Japan occurs amid on-going international consideration regarding adoption, with New Zealand and Australia considering additional disclosures that are likely to comprise the primary financial statements that would be produced under full consolidation. In fact, the question of whether the amendments will be adopted in Australia at all is still open to some extent. In Europe, the European Financial Reporting Advisory Group (EFRAG) has recently issued a positive draft endorsement advice regarding the amendments.

Please click for FSA press release (in Japanese only, link to FSA website).

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