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Notice of Adoption of International Financial Reporting Standards (IFRS)

March 29, 2018

 NTT Urban Development Corporation (head office: Chiyoda-ku, Tokyo, President and Chief Executive Officer: Hiroshi Nakagawa) announced that it has decided to voluntarily adopt International Financial Reporting Standards (IFRS) for its consolidated financial statements and consolidated financial reports starting from the First Quarter of FY2018 (from April 1, 2018 to June 30, 2018) (referring to the 34th business period from April 1, 2018 to March 31, 2019), in place of the Japanese Generally Accepted Accounting Principles (JGAAP) previously adopted. Through the voluntary adoption of IFRS, NTT Urban Development aims to improve the international comparability of financial information in capital markets and improve the efficiency of financial reporting as a member of the NTT Group.

 The planned disclosure schedule for the future transition to IFRS is as shown below.

  • FY2017        : Summary of Financial Statements, Consolidated Financial Statements, Annual Securities Report – JGAAP
                (NTT Urban Development plans to disclose forecasts of consolidated financial results for FY2018 under IFRS.)
  • First Quarter of FY2018 : Summary of Financial Statements for the First Quarter, Quarterly Report - IFRS