Issuance of “Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications”

June 30,2015

In June 2013, the Business Accounting Council, an advisory body to the Financial Services Agency of Japan published “The Present Policy on the Application of International Financial Reporting Standards (IFRS)” (‘Present Policy’). The ‘Present Policy’ stated that a process of endorsing International Financial Reporting Standards (‘IFRS’) should be implemented as a measure to build up the number of entities voluntarily applying IFRS in Japan and that the Accounting Standards Board of Japan (‘ASBJ’) is expected to perform the process expeditiously.

Following the publication of the Present Policy, the ASBJ established the “Working Group for the Endorsement of IFRS”, which started its deliberations in August 2013. Today, the ASBJ is issuing “Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications”, which was approved at its 314th Board meeting held on 29 June 2015.

The ASBJ issued and invited comment on the Exposure Draft on “Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications” on 31 July 2014. Having considered the comments received on the Exposure Draft, the ASBJ finalized JMIS, with some modifications to the Exposure Draft.

How to access JMIS

JMIS and the related document are available below.

• Foreword to “Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications”
• “Application of ‘Japan’s Modified International Standards’”
• ASBJ Modification Accounting Standard No.1 Accounting for Goodwill
• ASBJ Modification Accounting Standard No.2 Accounting for Other Comprehensive Income

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