105 A cabinet office ordinane draft on partial revision of the regulations about terms, format, and preparation method
Financial Services Agency issued on July 6 “a cabinet office ordinance draft on partial revision of the regulations about terms, format, and preparation method.” This revision has to be made because terms on accounting standards on pension benefit need changing due to its reforms which was made a while ago. Its revision will be limited to the consolidated financial statements.
There are two major changes.
A term “allowance for pension benefits ” is switched with “liability on pension benefits,” and “prepaid pension expenses” is switched with “asset on pension benefits.”
And the second major change is that “unrecognized actuarial differences” and “unrecognized prior services cost” Their alternatives are “accumulated adjustments on pension benefits” presented in the section of “accumulated other comprehensive income,” while expenses are shown as “adjustment on pension benefits” categorized in “other comprehensive income.”
We would also like to point out that notes are extended.
This draft requires more discussion till the issuance, but unless something comes up it will be applied for the year beginning April 1 2013.
