Publication of the draft amendments to the FSA’s regulatory notice concerning the „designated IFRSs“ for public consultation

The FSA has put forth proposed amendments to the regulatory notice concerning designated IFRSs as stated in the Regulation for Terminology, Forms, and Preparation of Consolidated Financial Statements. This proposal is currently open for public consultation.
The primary objective of the proposal is to designate the IAS issued by the International IASB by 30 June 2023. These designated IAS will be added to the existing Designated International Accounting Standards outlined in Article 93 of the Regulation on Consolidated Financial Statements.
The specific focus of the accounting standards covered in this proposal is on the Supplier Finance Arrangements, which were issued by the IASB on 25 May 2023. These amendments impact IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures.
As a result, companies will be required to include additional information related to supplier finance arrangements in the notes of their financial statements. The additional information that companies will need to disclose includes the contractual terms of the supplier finance arrangements, the amount of financial liabilities subject to such arrangements, and information concerning the liquidity risk of financial instruments.
Interested parties and stakeholders can submit their public comments on the proposal until 5:00 p.m. [JST] on 31 July 2023.