ASBJ 37 Accounting Standard for Interim Financial Reporting

RECENCY NOTE: Issued October 16, 2025 alongside a coordinated package of related standards (No. 38, 39, and 40). As current, recently-issued material, details should be cross-checked against ASBJ's published materials for any subsequent refinement.

Conceptual Framework Linkage

The current, refined successor to Japan's 2024 semi-annual reporting reform

ASBJ Statement No. 37 REWORKS and REPLACES ASBJ Statement No. 33 (Semi-annual Financial Reporting, 2024 – see the companion poster), renaming and REFINING Japan's CURRENT statutory interim reporting framework as "Interim Financial Reporting" – issued as PART of a COORDINATED package alongside three related amendment Statements (No. 38, 39, and 40).

Scope – the Current Statutory Interim Reporting Standard

Listed companies' interim (second-quarter) reporting obligation

This Statement applies to LISTED companies preparing their STATUTORY interim (second fiscal quarter) financial report – the CURRENT primary interim reporting obligation, REPLACING both the OLD full quarterly regime (ASBJ Statement No. 12) and its immediate PREDECESSOR, the 2024 semi-annual standard (ASBJ Statement No. 33).

What Changed From Statement No. 33

Renaming and refinement following initial implementation experience

The SHIFT in TERMINOLOGY – from "SEMI-ANNUAL Financial Reporting" to "INTERIM Financial Reporting" – REFLECTS more than a simple RENAME; it accompanied a COORDINATED set of REFINEMENTS addressing PRACTICAL implementation questions that arose FOLLOWING the 2024 rollout, INCLUDING companion amendments to consolidated semi-annual statement PREPARATION (No. 38), consolidated cash flow statement preparation (No. 39), and tax effect accounting for INTERIM purposes (No. 40) – TOGETHER forming a genuinely COORDINATED reform package RATHER than an isolated standard revision.

Minimum Content of an Interim Report

A condensed set of statements, consistent with general interim principles

A COMPLIANT interim report includes a CONDENSED Balance Sheet, condensed Statement of Income, condensed Statement of Changes in Net Assets, condensed Statement of Cash Flows, and SELECTED explanatory notes – CONSISTENT with the general interim reporting principles ESTABLISHED under J-GAAP (materiality assessed relative to the interim period, same accounting policies as the annual accounts).

The Coordinated Reform Package – No. 37 Through No. 40

Four related Statements issued together on the same date

Statement Role

No. 37 THIS Statement – the general Interim Financial Reporting framework

No. 38 Partial Amendments to the Preparation of Semi-annual CONSOLIDATED Financial Statements – see the companion poster

No. 39 Partial Amendments to Preparing Consolidated Statements of CASH FLOWS (Part 3) – see the companion poster

No. 40 Partial Amendments to TAX EFFECT ACCOUNTING (Part 2) – see the companion poster

Worked Example – Interim Reporting Under the Current Standard

A condensed report under the current framework

Example: A listed company's current interim filing cycle

A listed company prepares its second-quarter statutory interim report under the CURRENT ASBJ Statement No. 37 framework.

The report includes a CONDENSED set of primary financial statements and SELECTED notes, applying the SAME accounting policies as the ANNUAL accounts, with MATERIALITY assessed relative to the SIX-MONTH interim period – CONSISTENT with the GENERAL interim reporting principles carried FORWARD from the earlier ASBJ Statement No. 33, now REFINED under this current standard.

Disclosure Requirements

What ASBJ Statement No. 37 requires

Condensed primary financial statements for the interim period Selected explanatory notes on significant events and transactions since the last annual report

Critical Judgments & Estimates

Where judgement matters most

SIGNIFICANT JUDGEMENTS

Materiality assessment relative to the interim period

SIGNIFICANT ESTIMATES

Interim-period tax effect estimates, coordinated with the companion ASBJ Statement No. 40 amendments

Relationship to IAS/IFRS

Comparison – J-GAAP vs IAS 34

As with its PREDECESSOR standards, IAS 34's OWN principles (condensed statements, consistent accounting policies, interim-period materiality) remain BROADLY applicable REGARDLESS of the SPECIFIC reporting frequency a jurisdiction adopts – Japan's REFINED interim reporting framework CONTINUES to reflect these SAME general principles, now UNDER a renamed and REFINED statutory structure.

Statement Mapping

Where every interim reporting event lands

Event Statement(s) affected Notes

Interim report preparation All condensed statements Coordinated with No. 38, 39, and 40 for consolidation, cash flow, and tax matters

Related Standards

Cross-reference map

Standard Connection

ASBJ Statement No. 33 The predecessor standard this Statement reworked and replaced

ASBJ Statement No. 38, 39, 40 The coordinated companion amendments issued alongside this Statement

Quick-Reference Glossary

Interim financial report

Japan's current statutory second-quarter reporting obligation for listed companies, replacing both the older quarterly and 2024 semi-annual frameworks.

Financial statement key (Japan GAAP terminology)

BS Balance Sheet (貸借対照表) P&L Statement of Income / Profit and Loss Statement (損益計算書) Net Assets 純資産の部 SCNA Statement of Changes in Net Assets (株主資本等変動計算書) SCF Statement of Cash Flows (キャッシュ・フロー計算書)