Hitachi to Adopt International Financial Reporting Standards
Tokyo, January 26, 2015 - Hitachi, Ltd. (TSE:6501, “Hitachi”) today announced that it has decided to voluntarily adopt International Financial Reporting Standards (IFRS) in place of accounting principles generally accepted in the U.S. for its consolidated financial statements. Hitachi plans to apply IFRS to the presentation of the consolidated financial statements in its annual securities report for the fiscal year ending March 31, 2015 (from April 1, 2014 to March 31, 2015). Hitachi will, however, prepare its consolidated financial results announced as a press release and its consolidated financial statements under the Companies Act for the fiscal year ending March 31, 2015 in accordance with accounting principles generally accepted in the U.S. as before.
|Timing of Disclosure||Disclosure material|
|Early May, 2015||Financial results for the year ending March 31, 2015
(Hitachi’s consolidated financial results for the year ending March 31, 2015 are presented in accordance with accounting principles generally accepted in the U.S. but its consolidated business forecasts for the year ending March 31, 2016 are presented in accordance with IFRS.)
|Late May, 2015||Consolidated financial statements under the Companies Act for the year ending March 31, 2015 (Accounting principles generally accepted in the U.S.)|
|Late June, 2015||Annual Securities Report (IFRS)|
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society’s challenges with our talented team and proven experience in global markets. The company’s consolidated revenues for fiscal 2013 (ended March 31, 2014) totaled 9,616 billion yen ($93.4 billion). Hitachi is focusing more than ever on the Social Innovation Business, which includes infrastructure systems, information & telecommunication systems, power systems, construction machinery, high functional materials & components, automotive systems, health care and others. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
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