TOKYO, Japan, November 29, 2017― Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, reported in “4. Primary policy for selection of accounting standards,” in the Appendix of the earnings reports entitled “Renesas Electronics Reports Financial Results for the Year Ended December 31, 2016” issued February 8, 2017, that the Renesas Electronics Group (“the Group”) was considering voluntary adoption of International Financial Reporting Standards (IFRS) for its consolidated financial statements from annual securities report for the fiscal year ending December 31, 2017. However, the Group has decided to change the schedule of voluntary adoption of IFRS as detailed below.
1. Disclosure Schedule in Accordance with the Voluntary Adoption of IFRS
Initial plan: Annual Securities Report for the fiscal year ending December 31, 2017
Updated plan: Annual Securities Report for the fiscal year ending December 31, 2018
2. Reason for the Change
The Group continues preparations for the adoption of IFRS to increase the international comparability of financial information as the Group expands its business globally. In this way, a system for disclosing financial information in accordance with IFRS is being put in place, however, the Group has determined that more careful study is needed of the accounting method and information to be disclosed when the change in accounting standards occurs, and therefore the date of the adoption of IFRS has been changed.
[Reference] The disclosure schedule for the transition to IFRS (tentative):
*The changes are underlined.
Initial Plan
| Month of Disclosure | Disclosure Materials | GAAP |
|---|---|---|
| January to February, 2018 | Earnings report for the year ending December 31 2017 | Japanese GAAP |
| March, 2018 | Annual security report for the year ending December 31, 2017 | IFRS |
Current Plan
| Month of Disclosure | Disclosure Materials | GAAP |
|---|---|---|
| January to February, 2018 | Earnings report for the year ending December 31 2017 | Japanese GAAP |
| March, 2018 | Annual security report for the year ending December 31, 2017 | Japanese GAAP |
| April to May, 2018 | Earnings report for the first quarter ending March 31, 2018 Quarterly security report for the first quarter ending March 31, 2018 |
Japanese GAAP Japanese GAAP |
| July to August, 2018 | Earnings report for the second quarter ending June 30, 2018 Quarterly security report for the second quarter ending June 30, 2018 |
Japanese GAAP Japanese GAAP |
| October to November, 2018 | Earnings report for the third quarter ending September 30, 2018 Quarterly security report for the third quarter ending September 30, 2018 |
Japanese GAAP Japanese GAAP |
| January to February, 2019 | Earnings report for the year ending December 31 2018 | Japanese GAAP |
| March, 2019 | Annual security report for the year ending December 31, 2018 | IFRS |
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.
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