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Japan 'designates' additional IFRSs

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30 Dec 2013

On 27 December 2013, the Financial Services Agency (FSA) of Japan announced that additional IFRSs were designated for use by companies voluntarily applying IFRSs in Japan. The announcement effectively includes all IASB pronouncements issued up to 31 October 2013.

Since the last designation was made up to 31 October 2012, newly designated IFRSs include:

  • Recoverable Amount Disclosures for Non-Financial Assets — Amendments to IAS 36 (issued in May 2013)
  • Novation of Derivatives and Continuation of Hedge Accounting — Amendments to IAS 39 (issued in June 2013)
  • IFRIC 21 Levies (issued in May 2013)

The designation has yet to cover the period after October 2013, so two recent amendments issued in November, namely 1) Defined Benefit Plans: Employee Contributions — Amendments to IAS 19 and 2) IFRS 9 Financial Instruments — Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39 have not been included in the scope of 'designated' IFRSs in Japan.

Click for the FSA press release (in Japanese only, link to FSA website).

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