Mitsubishi Electric Corporation Statement re (Adoption of IFRS) (3842X)

TIDMMEL

RNS Number : 3842X

Mitsubishi Electric Corporation

21 February 2017

 
 FOR IMMEDIATE RELEASE                 No. 3083 
 
 Investor Relations Inquiries          Media Inquiries 
 
 Investor Relations Group,             Public Relations Division 
  Corporate Finance Division 
 Mitsubishi Electric Corporation       Mitsubishi Electric 
                                        Corporation 
 [e-mail]   [e-mail] 
                                       www.MitsubishiElectric.com/news/ 
 
 

Mitsubishi Electric to Voluntarily Adopt

International Financial Reporting Standards (IFRS)

TOKYO, February 21, 2017 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has decided to voluntarily adopt International Financial Reporting Standards (IFRS) for its consolidated financial statements from the fiscal year ending March 31, 2019 (April 1, 2018 to March 31, 2019), in place of U.S. generally accepted accounting principles (U.S.GAAP), in order to enhance international comparability of its financial information in the capital markets. Mitsubishi Electric will disclose the consolidated financial statements according to IFRS from the first quarter of the fiscal year ending March 31, 2019 (April 1 to June 30, 2018).

Disclosure Schedule for Voluntary Adoption of IFRS (subject to change)

 
 Fiscal 2018      Consolidated financial results and 
                   Consolidated financial statements 
                   (U.S.GAAP) 
  (ending March 
   31, 2018) 
 Note: Consolidated financial forecasts for the 
  fiscal year ending March 31, 2019 will be presented 
  in accordance with IFRS. 
 Fiscal 2019      Quarterly consolidated financial results 
  Q1-Q3            (IFRS) 
  (ending March 
   31, 2019) 
 Fiscal 2019      Consolidated financial results and 
                   Consolidated financial statements 
                   (IFRS) 
  (ending March 
   31, 2019) 
 

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About Mitsubishi Electric Corporation

With over 90 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Embracing the spirit of its corporate statement, Changes for the Better, and its environmental statement, Eco Changes, Mitsubishi Electric endeavors to be a global, leading green company, enriching society with technology. The company recorded consolidated group sales of 4,394.3 billion yen (US$ 38.8 billion*) in the fiscal year ended March 31, 2016. For more information visit:

www.MitsubishiElectric.com

*At an exchange rate of 113 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2016

This information is provided by RNS

The company news service from the London Stock Exchange

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February 21, 2017 02:00 ET (07:00 GMT)