Notice Regarding Change in Schedule of Voluntary Adoption of International Financial Reporting Standards

29 Nov 2017

TOKYO, Japan, November 29, 2017― Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, reported in “4. Primary policy for selection of accounting standards,” in the Appendix of the earnings reports entitled “Renesas Electronics Reports Financial Results for the Year Ended December 31, 2016” issued February 8, 2017, that the Renesas Electronics Group (“the Group”) was considering voluntary adoption of International Financial Reporting Standards (IFRS) for its consolidated financial statements from annual securities report for the fiscal year ending December 31, 2017. However, the Group has decided to change the schedule of voluntary adoption of IFRS as detailed below.

 

1. Disclosure Schedule in Accordance with the Voluntary Adoption of IFRS

Initial plan: Annual Securities Report for the fiscal year ending December 31, 2017

Updated plan: Annual Securities Report for the fiscal year ending December 31, 2018 

 

2. Reason for the Change

The Group continues preparations for the adoption of IFRS to increase the international comparability of financial information as the Group expands its business globally. In this way, a system for disclosing financial information in accordance with IFRS is being put in place, however, the Group has determined that more careful study is needed of the accounting method and information to be disclosed when the change in accounting standards occurs, and therefore the date of the adoption of IFRS has been changed.

 

[Reference] The disclosure schedule for the transition to IFRS (tentative):

*The changes are underlined.

 

Initial Plan

Month of Disclosure Disclosure Materials GAAP
January to February, 2018 Earnings report for the year ending December 31 2017 Japanese GAAP
March, 2018 Annual security report for the year ending December 31, 2017 IFRS

Current Plan

Month of Disclosure Disclosure Materials GAAP
January to February, 2018 Earnings report for the year ending December 31 2017 Japanese GAAP
March, 2018 Annual security report for the year ending December 31, 2017 Japanese GAAP
April to May, 2018 Earnings report for the first quarter ending March 31, 2018
Quarterly security report for the first quarter ending March 31, 2018
Japanese GAAP
Japanese GAAP
July to August, 2018 Earnings report for the second quarter ending June 30, 2018
Quarterly security report for the second quarter ending June 30, 2018
Japanese GAAP
Japanese GAAP
October to November, 2018 Earnings report for the third quarter ending September 30, 2018
Quarterly security report for the third quarter ending September 30, 2018
Japanese GAAP
Japanese GAAP
January to February, 2019 Earnings report for the year ending December 31 2018 Japanese GAAP
March, 2019 Annual security report for the year ending December 31, 2018 IFRS

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.

 

About Renesas Electronics Corporation

Renesas Electronics Corporation (TSE: 6723) delivers trusted embedded design innovation with complete semiconductor solutions that enable billions of connected, intelligent devices to enhance the way people work and live—securely and safely. A global leader in microcontrollers, analog, power and SoC products and integrated platforms, Renesas provides the expertise, quality, and comprehensive solutions for a broad range of Automotive, Industrial, Home Electronics, Office Automation and Information Communication Technology applications to help shape a limitless future. Learn more at renesas.com.