In June 2015, the Accounting Standards Board of Japan (ASBJ) issued “Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications”. JMIS are standards and interpretations issued by the International Accounting Standards Board (IASB) with certain ‘deletions or modifications’ where considered necessary. The first set of JMIS comprised standards issued by the IASB as at 31 December 2012. Since then, the ASBJ examined the Standards issued by the IASB during 2013 and today has issued an updated version of JMIS.