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What Is an Annual Securities Report (Yuho)?

An annual securities report is a detailed disclosure document that listed companies and others prepare and disclose for each fiscal year, as required under the Financial Instruments and Exchange Act.

What the document shows

An annual securities report is a disclosure document that listed companies and others submit to the Prime Minister (in practice, the Financial Services Agency) within a set period after the end of each fiscal year, as required by the Financial Instruments and Exchange Act. In addition to financial statements, it includes a wide range of information, such as a description of the business, key challenges to be addressed, business risks, and management's analysis of financial position.

Points to watch when reading it

Sections such as "business risks" and "management's analysis of financial position, business results, and cash flow" can contain information useful for understanding the background behind the reported figures.

This article is provided for general informational purposes only and does not recommend or solicit the purchase or sale of any specific investment method or security. Final investment decisions are your own responsibility.

Frequently Asked Questions

How does an annual securities report differ from an earnings report (kessan tanshin)?
An earnings report is a document that discloses earnings results on a preliminary, fast-turnaround basis, whereas an annual securities report is a more detailed, legally prescribed disclosure document that also covers items such as the state of the business, risk factors, and corporate governance. In terms of timing, earnings reports are generally released earlier.
Where can I find an annual securities report?
It can be found through EDINET — the electronic disclosure system for securities reports and other documents operated by Japan's Financial Services Agency — or on the investor relations pages of individual companies' official websites.

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