The New Lease Accounting Standard to be Adopted in Japan
2024.09.30
On September 13, 2024, the Accounting Standards Board of Japan (ASBJ), which establishes the Japanese accounting standards, issued the “Accounting Standard for Lease Transactions” (hereinafter referred to as the “New Lease Accounting Standard”). This new lease accounting standard will be effective for fiscal years starting on or after April 1, 2027. This new lease accounting standard mandates accounting rules for “lease transactions” in Japan, which has already been introduced in the International Financial Reporting Standards (IFRS) and U.S.-GAAP.
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