The Japan Financial Services Agency has published draft amendments to the notices that specify which corporate accounting standards are recognised under the rules for preparing financial statements and consolidated financial statements, and has opened a public consultation. The proposal would add accounting standards issued by the Accounting Standards Board of Japan on January 9, 2026, including Accounting Standards No. 41 and No. 42, to the standards treated as generally accepted fair and reasonable corporate accounting standards for those rules. The consultation covers separate amendments for standalone and consolidated reporting. The agency also indicated that related revisions to the Financial Statements Rules and other provisions will be published separately based on accounting standards that are still under consideration. The amendments would take effect on promulgation, and comments are due by 17:00 on June 1, 2026.
Japan Financial Services Agency 2026-05-01
Japan Financial Services Agency launches consultation on designating new Accounting Standards Board of Japan standards under financial statement and consolidated reporting rules
The Japan Financial Services Agency has published draft amendments to its notices on recognised corporate accounting standards for financial and consolidated financial statements, and opened a public consultation. The proposal would add Accounting Standards Board of Japan standards issued on January 9, 2026, including Accounting Standards No. 41 and No. 42, to those treated as generally accepted fair and reasonable corporate accounting standards, with related revisions to the Financial Statements Rules to follow.