December 15, 2008
Financial Services Agency

Japanese GAAPs are found to be equivalent to IFRS by the European Commission

On December 12, 2008, it was announced by the European Commission (EC) that the Japanese GAAPs (Generally Accepted Accounting Principles) were found to be equivalent to International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). The decision enables Japanese companies listed on EU markets to continue to file their financial statements prepared in accordance with the Japanese GAAPs.

The measures adopted by the EC determine that the Japanese and the US GAAPs are found to be equivalent to IFRS as adopted by the EU. The measures also determine that the GAAPs of China, Canada, South Korea and India are found to be equivalent under the condition that the EC will review the situation of those countries by 2011 at the latest. The final texts of the Regulation of Prospectus Directive and the Decision regarding Transparency Directive are to be published shortly.

Link to the EC's press releaseopen new window

Contact

Financial Services Agency
Tel +81-(0)3-3506-6000 (main)
Corporate Accounting and Disclosure Division, Planning and Coordination Bureau (ext. 3811,3663)