Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications are one of the four sets of accounting standards listed companies in Japan can currently choose to use to file their consolidated financial statements.
JMIS comprise IFRSs as issued by the IASB and ASBJ Modification Standards. Currently, there are two Modification Standards:
- ASBJ Modification Standard No.1 “Accounting for Goodwill”
- ASBJ Modification Standard No.2 “Accounting for Other Comprehensive Income”
JMIS were initially issued in June 2015 as a result of the initial endorsement of IFRS, covering IFRS Standards issued by the IASB on or before December 31, 2012. Amendments to JMIS were issued in July 2016 as a result of the endorsement of IFRS Standards issued by the IASB during 2013.
The Accounting Standards Board of Japan (ASBJ) votes on the issuance of JMIS. The ASBJ has set up a Working Group on the Endorsement of IFRS to assist in carrying out the endorsement of IFRS Standards issued by the IASB to determine whether they are acceptable in Japan.