（Translation for reference purpose only）
31 July 2014
Japan’s Modified International Standards (JMIS): Accounting Standards
Comprising IFRSs and the ASBJ Modifications
Exposure Draft

Application of “Japan’s Modified InternationalStandards”
dd mmmm yyyy
Accounting Standards Board of Japan

Objective
1.

The objective of this Statement is to specify the requirements when an entity prepares consolidated
financial statements in accordance with “Japan’s Modified International Standards (JMIS):
Accounting Standards Comprising IFRSs and the ASBJ Modifications”.

Structure2.

JMIS comprise of:(a) this Statement;(b) Standards and Interpretations (collectively referred to as ‘Standards’) issued by theInternational Accounting Standards Board (‘IASB’) and adopted by the Accounting Standards
Board of Japan (‘ASBJ’); and(c) ASBJ Modification Accounting Standards.

Application
3.

When an entity prepares consolidated financial statements in accordance with JMIS, an entity shallcomply with the requirements of the Standards issued by the IASB and adopted by the ASBJ listed
in Appendix 1, with ‘deletions or modifications’ specified by the ASBJ Modification AccountingStandards listed in Appendix 2.

4.

The term “International Financial Reporting Standards (IFRSs)” used in the Standards issued by theIASB and adopted by the ASBJ shall be replaced by the term “Japan’s Modified InternationalStandards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications” when the-1-

（Translation for reference purpose only）

term is used to refer to the set of accounting standards.

Effective Date
5.

The effective date of JMIS is [to be determined].
(The effective date will be determined after JMIS are incorporated in the regulations prescribed by
the Financial Services Agency of Japan.)6.

An entity shall apply the Standards listed in Appendix 1 in accordance with the effective dates andtransitional provisions stated in those Standards unless stated in the following paragraph.

7.

The effective date for the following Standard shall be as follows:Paragraph 7.1.1 of IFRS 9 Financial Instruments (2010) shall be replaced by ‘An entity shallapply IFRS 9 (2010) for annual periods beginning on or after 1 January 2018.
application is permitted.

Earlier

However, if an entity elects to apply IFRS 9 (2010) early, it must

apply all of the requirements in IFRS 9 (2010) at the same time.

If an entity applies IFRS 9(2010) in its financial statements for a period beginning before 1 January 2018, it shall disclosethat fact and at the same time apply Appendix C Amendments to other IFRSs of IFRS 9(2010).’-2-（Translation for reference purpose only）

Appendix 1Standards Issued by the IASB and Adopted by the ASBJ
The following table provides a list of Standards issued by the IASB and adopted by the ASBJ.
Standards that are marked with ‘*’ denote that they have been adopted with ‘deletions or modifications’specified by the ASBJ Modification Accounting Standards listed in Appendix 2.
Standards issued by the IASB and adopted by the ASBJ do not include documents that accompany, but
are not part of, those Standards (for example, the basis for conclusions, implementation guidance andillustrative examples).

Standards Issued as at 31 December 2012
IFRS 1 First-time Adoption of International Financial Reporting Standards
IFRS 2 Share-based Payment*IFRS 3 Business Combinations
IFRS 4 Insurance Contracts
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
IFRS 6 Exploration for and Evaluation of Mineral Resources*IFRS 7 Financial Instruments: Disclosures
IFRS 8 Operating Segments*IFRS 9 Financial Instruments (2010)
IFRS 10 Consolidated Financial Statements
IFRS 11 Joint Arrangements
IFRS 12 Disclosure of Interests in Other Entities
IFRS 13 Fair Value Measurement*IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 7 Statement of Cash FlowsIAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events after the Reporting Period
IAS 11 Construction Contracts
IAS 12 Income Taxes
IAS 16 Property, Plant and Equipment
IAS 17 Leases-3-（Translation for reference purpose only）

IAS 18 Revenue*IAS 19 Employee Benefits
IAS 20 Accounting for Government Grants and Disclosure of Government AssistanceIAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 23 Borrowing Costs
IAS 24 Related Party Disclosures
IAS 26 Accounting and Reporting by Retirement Benefit Plans
IAS 27 Separate Financial Statements*IAS 28 Investments in Associates and Joint Ventures
IAS 29 Financial Reporting in Hyperinflationary Economies
IAS 32 Financial Instruments: Presentation
IAS 33 Earnings per ShareIAS 34 Interim Financial ReportingIAS 36 Impairment of AssetsIAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets
IAS 39 Financial Instruments: Recognition and Measurement
IAS 40 Investment Property
IAS 41 Agriculture

Interpretations issued as at 31 December 2012
IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities
IFRIC 2 Members’ Shares in Cooperative Entities and Similar Instruments
IFRIC 4 Determining whether an Arrangement contains a Lease
IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental
Rehabilitation Funds
IFRIC 6 Liabilities arising from Participating in a Specific Market—Waste Electrical and ElectronicEquipment
IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in HyperinflationaryEconomies
IFRIC 9 Reassessment of Embedded Derivatives
IFRIC 10 Interim Financial Reporting and Impairment
IFRIC 12 Service Concession Arrangements-4-

（Translation for reference purpose only）

IFRIC 13 Customer Loyalty Programmes
IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and theirInteraction
IFRIC 15 Agreements for the Construction of Real Estate
IFRIC 16 Hedges of a Net Investment in a Foreign Operation
IFRIC 17 Distributions of Non-cash Assets to Owners
IFRIC 18 Transfers of Assets from Customers
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine
SIC-7 Introduction of the Euro
SIC-10 Government Assistance—No Specific Relation to Operating Activities
SIC-15 Operating Leases—Incentives
SIC-25 Income Taxes—Changes in the Tax Status of an Entity or its Shareholders
SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease
SIC-29 Service Concession Arrangements: Disclosures
SIC-31 Revenue—Barter Transactions Involving Advertising Services
SIC-32 Intangible Assets—Web Site Costs-5-（Translation for reference purpose only）

Appendix 2
ASBJ Modification Accounting Standards
The following table provides a list of the ASBJ Modification Accounting Standards:

Names of the ASBJ Modification

Standards with ‘deletions or modifications’

Accounting Standard
ASBJ

Modification

Standard

No.

X,

Accounting

Accounting

for・IFRS 3 Business Combinations
・IAS 28 Investments in Associates and Joint Ventures

Goodwill
ASBJ

Modification

Accounting

・IFRS 7 Financial Instruments: Disclosures

Standard No. X, Accounting for Other・IFRS 9 Financial Instruments (2010)

Comprehensive Income

・IAS 1 Presentation of Financial Statements
・IAS 19 Employee Benefits-6-