DENSO to adopt International Financial Reporting Standards
KARIYA (Japan) ―DENSO Corporation today announced that its board of directors has approved plans to voluntarily adopt the International Financial Reporting Standards (IFRS). The first document to use IFRS, in place of Japanese accounting standards, will be the consolidated financial statements in DENSO’s Annual Securities report for the fiscal year ending March 31, 2015.
DENSO chose to adopt the IFRS as a global standard to accelerate speedy management by unification of accounting standards in group companies, and to enable stakeholders to more conveniently compare the financial information of DENSO and other companies in capital market.
Japanese accounting standards will continue to be applied to the summary of consolidated financial results for the fiscal year ending March 31, 2015, as well as the consolidated financial statements constructed in accordance with the Companies Act of Japan for the same period.
DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global automotive supplier of advanced technology, systems and components in the areas of thermal, powertrain control, electronics and information and safety. Its customers include all the world’s major carmakers. Worldwide, the company has more than 200 subsidiaries and affiliates in 38 countries and regions (including Japan) and employs nearly 140,000 people. Consolidated global sales for the fiscal year ending March 31, 2014, totaled US$39.8 billion. Last fiscal year, DENSO spent 9.0 percent of its global consolidated sales on research and development. DENSO common stock is traded on the Tokyo and Nagoya stock exchanges. For more information, go to www.globaldenso.com, or visit our media website at www.densomediacenter.com.