On August 8, 2014, the Japanese Financial Services Agency (FSA) issued the exposure draft of revised Ordinance on Terminology, Forms and Preparation Methods of Quarterly Financial Statements, etc. and others. The comment deadline is September 8, 2014.
The exposure draft is in response to the Revised Accounting Standard for Quarterly Financial Reporting and related implementation guidance issued by Accounting Standards Board of Japan (ASBJ) in May 2014.
The exposure draft is to be applied at the same time as the revised accounting standards, for business combinations on or after April 1, 2015, with early adoption permitted.