Konica Minolta 2015 Annual Report Download - page 135

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The Group prepared its consolidated financial statements in conformity with IFRS for the first time for fiscal year ended March 31,
2015. The most recent consolidated financial statements prepared in conformity with Japanese GAAP are for the fiscal year ended
March 31, 2014. The Transition Date is April 1, 2013.
IFRS 1 “First-Time Adoption of International Financial Reporting Standards” requires that an entity adopting IFRS for the first
time must retroactively apply IFRS. However, certain limited exemptions are granted with regard to the retroactive application of
these standards. The Group has applied the exemptions outlined below.
(1) Business Combinations
The Group has elected not to retroactively apply IFRS 3 “Business Combinations” for business combinations that occurred prior to
the Transition Date. Consequently, goodwill generated from business combinations that occurred prior to the Transition Date is
presented at the carrying amount under Japanese GAAP. Impairment tests have been conducted on this goodwill as of the
Transition Date, regardless of whether indicators of impairment exist.
(2) Accumulated Exchange Differences on Translation of Foreign Operations
The Group has elected not to retroactively apply IAS 21 “The Effects of Changes in Foreign Exchange Rates” for cumulative
exchange differences on foreign operations. Consequently, cumulative exchange differences on foreign operations have been set to
zero as of the Transition Date, and all such differences have been reclassified to retained earnings.
The following tables present the adjustment required for first-time adoption of IFRS.
The “reclassification” column present the adjustments that do not affect retained earnings and total comprehensive income,
while the “differences in recognition and measurement” column present the adjustments that affect retained earnings and total
comprehensive income.
38. First-time adoption
Principal subsidiaries
For information on principal subsidiaries and associates, please refer to note 33 “Related parties”.
The Group has no material non-controlling interests in subsidiaries and no associates are individually material.
No significant legal or contractual limitations exist with regard to the transfer or use of assets or liability settlement capabilities
within the Group.
37. Disclosure of interests in other entities
134
KONICA MINOLTA, INC. Annual Report 2015
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