Voluntary Adoption of IFRS from FY2012
Nippon Sheet Glass Co., Ltd. (hereinafter “the Company”) hereby announces its intention to voluntarily early-adopt International Financial Reporting Standards (IFRS) for its consolidated financial statements with effect from 1 April 2011, and thereby incorporating the Company's consolidated financial results for the financial year FY2012 and thereafter.
The Company believes that the use of IFRS in the preparation of its consolidated financial statements is consistent with its international spread of operations and shareholder base.
Behind our decision to be an early adopter is our determination to build a truly international company headquartered in Japan. We believe that the use of IFRS in the preparation of our consolidated financial statements is consistent with our international spread of operations and shareholder base. The move builds on progress we have made in the appointment of an international board and the adoption of the ‘Company with Committees’ corporate governance structure.
On a practical level, the acquisition of Pilkington plc in 2006 has meant that around two thirds of the Group already reports in IFRS. Having the whole Group use IFRS will remove the need to convert some figures from IFRS to JGAAP for consolidated reporting purposes. Enabling the whole group to use the same accounting language will have clear benefits for the Group’s internal decision-making processes
The quantitative impact of this decision on the Company's consolidated financial statements will be communicated separately prior to implementation.