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Government Approval for Return of Substitutional Portion of Employee's Pension Plan |
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YAMAHA CORPORATION (head office: 10-1 Nakazawa-cho, Hamamatsu-shi, Shizuoka;
president: Shuji Ito) received approval for exemption from obligations for future expenditures from the Minister of Health, Labour and Welfare on November 1, 2003, with regard to the substitutional portion of the Employee's Pension Fund in line with the Law on the Defined Benefit Pension Fund taking effect.
YAMAHA plans not to apply the transitional provision established in Chapter 47, Paragraph 2, of the Japanese Institute of Certified Public Accountants (JICPA) Accounting Committee Report No. 13 "Practical Guidelines of Accounting for Retirement Benefits (Interim Report)" and instead plans to recognize the difference between the accrued employee retirement benefits related to the substitutional portion on the day that the previous substitutional portion of the Employees' Pension Fund was approved to return and a sum equivalent to the value of returned pension assets as income or loss.
The Company estimates that the application of the aforementioned transitional provision would have created unconsolidated and consolidated extraordinary gains of approximately ¥12.9 billion and ¥15.2 billion, respectively. However, due to fluctuations in the market value of pension assets and the fact that the value of the previous substitutional portion cannot be determined until the approval date, actual extraordinary gains would differ from these projections.
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For further information, please contact
Yamaha Corporation
Corporate Communication Group,
Public Relations Division
TEL. +81-3- 5488-6601
FAX +81-3-5488-5060
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