019 Revision of quarterly interim reports
Tokyo Stock Exchange has made a whole renewal of “practical treatment of the timely disclosure of quarterly interim reports” and has released a “format and preparation guide of quarterly interim reports” revised on 1 June, 2010. Major renewal points are as follows.
First of all, when it comes to timing of the disclosure, disclosing within 30 days was thought desirable. However, they have brought down the criteria so that companies could make a disclosure when their investors need the reports (they are required to disclose quarterly interim reports in no later than submitting quarterly reports).
They required all the listed companies to uniformly disclose the same contents in quarterly interim reports, but due to this whole renewal the uniform contents have become limited and the listed companies could choose the level of disclosure considering how much their investors need in the financial statements. Besides, they allowed basic financial statements to be summarized in the disclosure. They carried this out so that companies could meet investors’ need and achieve an earlier and more flexible disclosure. This is because investors required the contents of quarterly interim reports to be the same as that of quarterly reports.
This revision made the timing and contents of disclosure of quarterly interim reports more flexible.
