Mitsubishi Electric : to Voluntarily Adopt International Financial Reporting Standards (IFRS)
February 20, 2017 at 11:37 pm EST
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TOKYO, February 21, 2017
- Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has decided to voluntarily adopt International Financial Reporting Standards (IFRS) for its consolidated financial statements from the fiscal year ending March 31, 2019 (April 1, 2018 to March 31, 2019), in place of U.S. generally accepted accounting principles (U.S.GAAP), in order to enhance international comparability of its financial information in the capital markets. Mitsubishi Electric will disclose the consolidated financial statements according to IFRS from the first quarter of the fiscal year ending March 31, 2019 (April 1 to June 30, 2018).
Mitsubishi Electric Corporation published this content on 21 February 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 21 February 2017 04:37:04 UTC.
Original documenthttp://www.mitsubishielectric.com/news/2017/0221-b.html
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Mitsubishi Electric Corporation is one of the world's leading manufacturers of electric and electronic equipment. Net sales (including intragroup) break down by family of products and by services as follows:
- industrial automation equipment (28.6%): programmable controllers, motor operators, counters, industrial robots, clutches, etc.;
- electric equipment (24.2%): generators, motors, transformers, power circuit breakers, testing systems, etc.;
- household appliances (22.4%): televisions, video recorders, air conditioners, refrigerators, lamps, vacuum cleaners, etc.;
- information and communication equipment (6.9%): mobile phones, satellites, aerials, medical and audiovisual equipment, servers, computers, etc.;
- electronic components and devices (4.7%): memory, logic integrated circuits, monitors, plasma screens, printed circuit cards, etc.;
- other (13.2%): financial services, real estate management, engineering and maintenance services, etc.
Net sales break down geographically as follows: Japan (52.1%), Asia (24.9%), Europe (11.1%), North America (10.3%) and other (1.6%).
MITSUBISHI ELECTRIC CORPORATION 
