ASBJ publishes amendments to 'Japan’s Modified International Standards'
25 Jul 2016
In June 2015, the Accounting Standards Board of Japan (ASBJ) issued "Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications". JMIS are standards and interpretations issued by the International Accounting Standards Board (IASB) with certain 'deletions or modifications' where considered necessary. The first set of JMIS comprised standards issued by the IASB as at 31 December 2012. Since then, the ASBJ examined the Standards issued by the IASB during 2013 and today has issued an updated version of JMIS.
New or amended Standards issued by the IASB during 2013 covered by the endorsement process for this round were:
- IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39)
- IFRIC 21 Levies
- Recoverable Amount Disclosure for Non-Financial Assets
- Novation of Derivatives and Continuation of Hedge Accounting
- Defined Benefit Plans: Employee Contributions
- Annual Improvements to IFRSs 2010-2012 Cycle
- Annual Improvements to IFRSs 2011-2013 Cycle
The ASBJ has published several documents in relation with this new round of endorsement including a press release and a new version of ASBJ Modification Accounting Standard No. 2. All documents are available on the ASBJ website.
