TOKYO, Japan― Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, has been considering voluntary adoption of International Financial Reporting Standards (“IFRS”) and the company today announced that it has resolved at the Meeting of the Board of Directors held on November 28, 2018 to voluntarily adopt IFRS to its consolidated financial statements in lieu of the current accounting principles generally accepted in Japan (“Japanese GAAP”). Renesas will disclose its consolidated financial statements in accordance with IFRS starting from the annual securities report for the fiscal year ending December 31, 2018.
Renesas will apply Japanese GAAP to the consolidated financial statements in the earnings report for the fiscal year ending December 31, 2018 as well as to the consolidated financial statements under the Companies Act.
There is no change into the disclosure schedule announced in the press release “Notice Regarding Change in Schedule of Voluntary Adoption of International Financial Reporting Standards” issued on November 29, 2017.
Disclosure Schedule
| Month of Disclosure (Planned) | Disclosure Materials | GAAP |
|---|---|---|
| February 2019 | Earnings report for the fiscal year ending December 31, 2018 Consolidated financial statement under the Companies Act |
Japanese GAAP Japanese GAAP |
| March 2019 | Annual securities report for the fiscal year ending December 31, 2018 | IFRS |
| May 2019 | Earnings report for the first quarter ending March 31, 2019 Quarterly report for the first quarter ending March 31, 2019 |
IFRS IFRS |
(Note) The earnings report adopting IFRS is to be disclosed after the submission of the annual securities report for the fiscal year ending December 31, 2018.
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. A global leader in microcontrollers, analog, power,and SoC products, Renesas provides comprehensive solutions for a broad range of automotive, industrial, infrastructure, and IoT applications that help shape a limitless future. Learn more at renesas.com. Follow us on LinkedIn, Facebook, Twitter, and YouTube.
The content in the press release, including, but not limited to, product prices and specifications, is based on the information as of the date indicated on the document, but may be subject to change without prior notice.