Tokyo, January 31, 2014 -- At the today’s meeting of the Board of Directors, it was resolved that Ricoh Company, Ltd. will voluntarily adopt the International Financial Reporting Standards (“IFRS”) for the consolidated financial statements of annual report under Financial Instruments and Exchange Law from the fiscal year ending March 31, 2014, in place of the United States Generally Accepted Accounting Principles (“U.S.GAAP”) previously adopted.
The consolidated financial statements for the purpose of flash report and annual report required under Company Act for the fiscal year ending March 31, 2014 will be prepared in accordance with U.S.GAAP.
We have decided on voluntary adoption of IFRS to the timing of the start of our new medium-term management plan on April 1, 2014, as we concluded that an implementation of IFRS as a global standard and unifying accounting standards across the group will enable the company to enhance accuracy for the management of the entire group.
Our anticipated schedule toward the voluntary adoption of IFRS at the end of FY2013 is as follows:
|Fiscal year||Disclosure items||Accounting standards|
(Fiscal year ending
March 31, 2014)
|From 1st quarter to 3rd quarter||Quarterly report
Quarterly securities report
|Year end||Flash report
Annual report required under Company Act
|Annual report under Financial Instruments and Exchange Law||IFRS|
Ricoh is a global technology company specializing in office imaging equipment, production print solutions, document management systems and IT services. Headquartered in Tokyo, Ricoh Group operates in about 200 countries and regions. In the financial year ending March 2015, Ricoh Group had worldwide sales of 2,231 billion yen (approx. 18.5 billion USD).
The majority of the company's revenue comes from products, solutions and services that improve the interaction between people and information. Ricoh also produces award-winning digital cameras and specialized industrial products. It is known for the quality of its technology, the exceptional standard of its customer service and sustainability initiatives.
Under its corporate tagline, imagine. change. Ricoh helps companies transform the way they work and harness the collective imagination of their employees.
For further information, please visit www.ricoh.com/about/
Information in the news releases is true and accurate at the time of publication.
Manufacture, sales, price and specifications of products may be subject to change.