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18 September 2015
Website
http://www.asb.or.jp
Email contact
t.hayashi@asb.or.jp
Yes.
Yes.
At May 2015, 85 companies are using or have publicly announced that they will
adopt IFRS. Their market capitalisation is approximately 20% of the Tokyo
Stock Exchange. An additional 30 companies are known to be considering
moving to IFRS.
In October 2013, the Financial Services Agency (FSA) revised its Cabinet Office
Ordinances to encourage further application of IFRS in Japan. This revision
eliminated two requirements that stipulated which companies are eligible to
use IFRS. As a result, the number of companies eligible to apply IFRS was
increased from 621 to 4,061, covering virtually all listed companies and unlisted
companies preparing consolidated financial statements for listing purposes.
Under the current regulation, a company may voluntarily use IFRS if it meets
the following criteria:
Not applicable.
Yes.
As of September 2015, 112 companies (accounting for 24% of the Tokyo Stock
Exchange (TSE) market capitalisation) have adopted or plan to adopt IFRS. The
112 companies include 91 companies (20 per cent of TSE market capitalisation)
that have already adopted or are in the process of adopting IFRS, and 21
companies (5 per cent of TSE market capitalisation) that have announced plans
to adopt IFRS. An additional 194 companies (17 per cent of the TSE market
capitalisation) are considering whether to move to IFRS.
The above data is taken from an annuncement by the Tokyo Stock Exchange,
which may be accessed here.
By comparison, in December 2012 only 10 Japanese companies were using
IFRS.
Are IFRS also required or permitted for more
than the consolidated financial statements
of companies whose securities trade in a
public market?
Yes.
Yes, permitted.
No.
Not applicable.
For FOREIGN companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some foreign companies whose
securities trade in a public market either
REQUIRED or PERMITTED to use IFRS in their
consolidated financial statements?
Yes.
Permitted.
IFRS ENDORSEMENT
Which IFRS are required or permitted for
domestic companies?
IFRS.
No.
Not applicable.
Yes.
IFRS are designated by the Commissioner of the Financial Services Agency. The
formal process of endorsement is prescribed in the Ordinance on Terminology,
Forms and Preparations Methods of Consolidated Financial Statements.
Not applicable.
No.
Not applicable.
None.
TRANSLATION OF IFRS
Are IFRS translated into the local language?
Yes, they are translated and the translation is provided/coordinated by the IFRS
Foundation.
No.
Deliberations on whether to allow unlisted companies to use the IFRS for SMEs
in their financial reporting have not been made in Japan.
Not applicable.
Not applicable.
Not applicable.