Publication of the finalized „Cabinet Office Order to Amend the Regulation on Terminology, Forms and Preparation Methods of Consolidated Financial Statements“ after public consultation

The FSA published the updated Cabinet Office Order to Amend the Regulation on Terminology, Forms, and Preparation Methods of Consolidated Financial Statements.
As a reminder, on 27 December 2022, the FSA proposed the draft Cabinet Office Order to Amend the Regulation on Terminology, Forms and Preparation Methods of Consolidated Financial Statements (provisional English title – available only in Japanese) for public consultation, which ended on 31 January 2023.
The finalized Cabinet Office Order provides amendments to the Regulation for Terminology, Forms and Preparation Methods of Consolidated Financial Statements in response to the ASBJ Statement No. 27 pertaining to the amendments to the Accounting Standard for Income Taxes, Accounting Standard for Corporate Taxes, Inhabitants Taxes, and Enterprise Taxes and other applicable accounting standards.
The FSA also finalized the amendments to the FSA’s regulatory notice concerning the designated IFRS stipulated in the aforementioned Regulation for Terminology, Forms and Preparation Methods of Consolidated Financial Statements. The finalized amendments is mainly intend to define the international accounting standards that have been published through 31 December 2022 by the IASB as designated international accounting standards set forth under Article 93 of the Regulation for Consolidated Financial Statements.
The finalized Cabinet Office Order and the amendments to the regulatory notice took effect on 27 March 2023.