The Financial Services Agency of Japan (FSA) has released revised ordinances that increase the number of Japanese companies that can voluntarily adopt International Financial Reporting Standards (IFRSs) as designated by the FSA, which is currently identical to the effective IFRSs as issued by the IASB. The ordinances are effective immediately and permit Japanese listed companies and those applying for a listing to use designated IFRSs in their consolidated financial statements on a voluntary basis, if they establish internal processes to ensure appropriate reporting under designated IFRSs, with officers or employees who have sufficient knowledge of the subject being in place.