Tokyo, January 31, 2014 -- At the today’s meeting of the Board of Directors, it was resolved that Ricoh Company, Ltd. will voluntarily adopt the International Financial Reporting Standards (“IFRS”) for the consolidated financial statements of annual report under Financial Instruments and Exchange Law from the fiscal year ending March 31, 2014, in place of the United States Generally Accepted Accounting Principles (“U.S.GAAP”) previously adopted.
The consolidated financial statements for the purpose of flash report and annual report required under Company Act for the fiscal year ending March 31, 2014 will be prepared in accordance with U.S.GAAP.
We have decided on voluntary adoption of IFRS to the timing of the start of our new medium-term management plan on April 1, 2014, as we concluded that an implementation of IFRS as a global standard and unifying accounting standards across the group will enable the company to enhance accuracy for the management of the entire group.
Our anticipated schedule toward the voluntary adoption of IFRS at the end of FY2013 is as follows:
|Fiscal year||Disclosure items||Accounting standards|
(Fiscal year ending
March 31, 2014)
|From 1st quarter to 3rd quarter||Quarterly report
Quarterly securities report
|Year end||Flash report
Annual report required under Company Act
|Annual report under Financial Instruments and Exchange Law||IFRS|