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ASBJ publishes proposed amendments to 'Japan’s Modified International Standards'

  • ASBJ (Accounting Standards Board of Japan) Image

23 Jun 2017

The ASBJ has issued JMIS Exposure Draft No. 4 'Proposed amendments to Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications'.

For this round the ASBJ undertook the endorsement process mainly on IFRS 15 Revenue from Contracts with Customers. The ASBJ additionally undertook the endorsement process on the amendments to IFRS 12 included in Annual Improvements to IFRS Standards 2014-2016 Cycle, because they were effective for annual periods beginning on or after 1 January 2017 and therefore their prompt endorsement was considered necessary.

The ASBJ’s future policy for the endorsement process on standards issued by the IASB will be to undertake the process individually for major standards, such as IFRS 9 Financial Instruments, IFRS 16 Leases, and IFRS 17 Insurance Contracts. Other amendments will continue to be, to the extent possible, covered in half-year batches.

Please click for access to all relevant documents on the ASBJ website (all documents available in the English language).

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