Japan Proposes to 'Designate' Additional IFRSs

The Financial Services Agency (FSA) of Japan has proposed to update the list of IFRSs designated for use by companies voluntarily applying IFRSs in Japan, reports Deloitte Touche Tohmatsu.
According to Deloitte, the proposal is an extension of the ordinances that FSA adopted on 11 December 2009. Those ordinances allow Japanese listed companies that meet certain requirements to apply voluntarily, starting in financial years ending on or after 31 March 2010, IFRSs designated by the Commissioner of the FSA through public notice. On 11 December 2009, the Commissioner of the FSA designated the entire IFRSs, including IFRIC Interpretations issued by the IASB on or before 30 June 2009. This new proposal would add the following IFRSs and IFRIC interpretations released between 1 July and 31 December 2009 to the list of 'designated IFRSs':
  • IFRS 1 First-time Adoption of International Financial Reporting Standards (amendment)
  • IAS 32 Financial Instruments: Presentation (amendment)
  • IAS 24 Related Party Disclosures (amendment)
  • IFRS 9 Financial Instruments
  • IFRIC 14 IAS19–The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (amendment)
  • IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments

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