TOKYO, Japan― Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, has been considering voluntary adoption of International Financial Reporting Standards (“IFRS”) and the company today announced that it has resolved at the Meeting of the Board of Directors held on November 28, 2018 to voluntarily adopt IFRS to its consolidated financial statements in lieu of the current accounting principles generally accepted in Japan (“Japanese GAAP”). Renesas will disclose its consolidated financial statements in accordance with IFRS starting from the annual securities report for the fiscal year ending December 31, 2018.
Renesas will apply Japanese GAAP to the consolidated financial statements in the earnings report for the fiscal year ending December 31, 2018 as well as to the consolidated financial statements under the Companies Act.
There is no change into the disclosure schedule announced in the press release “Notice Regarding Change in Schedule of Voluntary Adoption of International Financial Reporting Standards” issued on November 29, 2017.
Disclosure Schedule
| Month of Disclosure (Planned) | Disclosure Materials | GAAP |
|---|---|---|
| February 2019 | Earnings report for the fiscal year ending December 31, 2018 Consolidated financial statement under the Companies Act |
Japanese GAAP Japanese GAAP |
| March 2019 | Annual securities report for the fiscal year ending December 31, 2018 | IFRS |
| May 2019 | Earnings report for the first quarter ending March 31, 2019 Quarterly report for the first quarter ending March 31, 2019 |
IFRS IFRS |
(Note) The earnings report adopting IFRS is to be disclosed after the submission of the annual securities report for the fiscal year ending December 31, 2018.
The statements with respect to the financial outlook of the Group are forward-looking statements involving risks and uncertainties. The Company cautions you in advance that actual results may vary materially from such forward-looking statements due to several important factors.
*以上新闻稿中所发布的信息，包含但不限于产品价格、规格，为截止到发稿时的信息。日后若发生变更，恕不另行通知。敬请谅解。