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

11 April 2018

The Accounting Standards Board of Japan (‘ASBJ’) undertakes the endorsement process on the Standards and Interpretations (collectively referred to as ‘Standards’) issued by the International Accounting Standards Board (‘IASB’) and issues “Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications”. To date, JMIS have been issued as a result of the endorsement process covering IFRS 15 Revenue from Contracts with Customers and related amendments to Standards as well as the Standards issued by the IASB as at 30 September 2016 which became effective by 31 December 2017.

For this round, the ASBJ undertook the endorsement process mainly on the amendments made by IFRS 9 Financial Instruments issued in July 2014. Today, the ASBJ issued the amendments to “Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications”, which were approved at its 382nd Board meeting held on 9 April 2018.

The ASBJ issued the Exposure Draft on the amendments to JMIS for public comment on 31 October 2017. Having considered the comments received on the Exposure Draft, the ASBJ finalised the amendments to JMIS.