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ASBJ proposes use of modified IFRS

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31 Jul 2014

The Accounting Standards Board of Japan (ASBJ) has issued Exposure Draft (ED) “Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications,” which provides details on the application of JMIS when preparing consolidated financial statements.

Specifically, the proposal notes that when preparing consolidated financial statements, "an entity shall comply with the requirements of the Standards issued by the IASB and adopted by the ASBJ, with deletions or modifications specified by the ASBJ Modification Accounting Standards." The ED provides a list of Standards issued by the IASB as at 31 December 2012 that have completed the ASBJ’s initial endorsement process.

As new or revised standards are issued by the IASB, the ASBJ will initiate an endorsement process to determine whether the standard should be adopted with or without any deletions or modifications and will subsequently issue an exposure draft for public consultation before considering redeliberations or finalisation.

Concurrently, the ASBJ has issued two modification accounting standards exposure drafts that propose changes to certain guidance related to the accounting of goodwill and other comprehensive income as issued by the IASB (links to ASBJ website).

For more information, see the press release, foreword to the ED, and the JMIS ED on the ASBJ website.

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