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ASBJ proposes adopting IFRS 16 unmodified as JMIS

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18 Jun 2018

The Accounting Standards Board of Japan (ASBJ) has issued proposed amendments to ‘Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications'.

The proposed amendments reflect the endorsement process on IFRS 16 and amendments issued by the IASB between 1 July 2017 and 31 December 2017. Adoption of and IFRS 17 is still being considered.

After careful consideration, the ASBJ decided that no ‘deletions or modifications’ should be made for this round of endorsement process, although the draft notes several concerns around IFRS 16. The draft states a certain disappointment that these concerns from Japan were not addressed in developing the final standard but concludes that now would be a problematic time for raising the concerns again:

Constituents in Japan expressed various concerns over IFRS 16. [...]  Stakeholders from jurisdictions other than Japan expressed similar concerns during the development of IFRS 16, the IASB addressed those concerns to a certain extent. [...] After IFRS 16 was finalised, no significant issue has been raised so far from other jurisdictions where IFRS is applied and, consequently, the IASB currently does not seem to envision any review of the requirements in IFRS 16. Accordingly, at this time when entities are preparing to implement the new standard, it would be difficult to raise the abovementioned concerns to stimulate global discussions.

For more information, see the press release and related documents on the ASBJ website (all documents available in the English language).

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