JT to Adopt IFRS Reporting

Source from:  Tobacco Reporter 03/01/2012

Japan Tobacco Inc's board of directors has decided to adopt International Financial Reporting Standards (IFRS) in respect of its consolidated financial statements and documents, in lieu of the current Japanese Generally Accepted Accounting Principles (Japanese GAAP). The new practices will be brought in as from the group's financial results announcement for the period ending March 31. 'The Japan Tobacco Group has been steadily growing as a global company, with operations currently in more than 120 countries and territories, following acquisitions of the non-US tobacco business of RJR Nabisco Inc. in 1999 and Gallaher Group Plc in 2007,' JT said in a note posted on its website today. 'In light of this, International Financial Reporting Standards (IFRS) will be adopted, improving international comparability of financial information in the capital markets and aiming to diversify the group's sources of financing via international markets.' Enditem