December 15, 2021
Press Release
Company name: GA technologies Co., Ltd.
Representative: | Ryo Higuchi, |
President and Chief Executive Officer | |
(Code No.: 3491, Tokyo Stock Exchange Mothers) | |
Inquiries: | Satoshi Matsukawa, |
Executive Officer and Chief Accounting Officer | |
(Telephone: +81-3-6230-9180) |
Notice on Voluntary Adoption of International Financial Reporting Standards
(IFRS)
GA technologies Co., Ltd. ("the Company") resolved at a Board of Directors meeting on December 15, 2021, to voluntarily adopt the International Financial Reporting Standards (IFRS) in place of the generally accepted accounting principles (GAAP) in Japan. This change will take effect from the first quarter of the fiscal year ending (October 31, 2022), as outlined below.
1. Reasons for switching to IFRS
The Company has decided to voluntarily adopt IFRS mainly for the following reasons.
- It will make it easier to explain our financial statements to overseas investors, enabling more efficient financing
- It will be easier to compare our performance with similar companies globally.
- By applying IFRS to all our Group companies worldwide, they can all use the same performance indicators, making business management more efficient.
2. Planned public reporting schedule with voluntary adoption of IFRS
Fiscal Year | Reporting Material | Applicable accounting | ||
standards | ||||
Financial statements | ||||
FY2021 | Yearend | Consolidated financial statements | Japanese standards | |
Securities report | ||||
First quarter to | Quarterly financial report | |||
FY2022 | Third quarter | Quarterly report | IFRS | |
Financial statements | ||||
Yearend | Consolidated financial statements | |||
Securities report |
* The consolidated earnings forecast for the fiscal year ending October 31, 2022, will be prepared using IFRS.
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