December 16, 2009: The changes establish operational framework for the voluntary application of IFRS in Japan, starting from the fiscal year ending on or after 31 March 2010 and represent an important step towards the adoption of IFRSs in Japan. 

The changes to the Cabinet Office Ordinances provide listed companies that meet particular criteria the option of preparing their consolidated financial statements according to IFRSs, for fiscal years ending on or after 31 March 2010. The changes also end, for fiscal years ending after 31 March 2016, the option for some Japanese listed companies to submit their consolidated financial statements according to US generally accepted accounting principles.