Between November 2009 and March 2010, the Corporate Finance Executive Committee, comprising a number of CFOs from prominent corporations, deliberated on the future of domestic accounting practices in the current context of globalization of accounting and financial reporting. Findings of the deliberations thus far are summarized in this Interim Report.

1. The Corporate Finance Executive Committee, comprising CFOs of prominent corporations (committee chair: Mr. Yukihiro Sato, Senior Executive Advisor, Mitsubishi Electric Corporation), has conducted deliberations on the future of domestic accounting practices in the current context of globalization of accounting and financial reporting.

2. Based on these deliberations, the committee has issued this Interim Report, which summarizes recommendations by the Corporate Finance Executive Committee on the following topics:

a. Separate consolidated and non-consolidated financial reporting (the committee called for dedicated discussions on non-consolidated financial reporting, separate from discussions on consolidated financial reporting), and address practices surrounding non-consolidated financial reporting with the involvement of all parties concerned.

b. Redesign of disclosure practices.

c. Accounting practices related to unlisted companies.

• Corporate Finance Executive Committee: Key Recommendations

• Interim Report by the Corporate Finance Executive Committee (Overview)

• List of Corporate Finance Executive Committee Members

April 19, 2010

Corporate Affairs Division, Economic and Industrial Policy Bureau