notes to consoliDateD financial stateMents Astellas Pharma Inc. and Subsidiaries  For the years ended 31 March 2013 and 2014 Astellas Pharma Inc. and its subsidiaries (collectively, the  “Group”) are engaged in the manufacture and sales of phar- maceutical products. The parent company of the Group,  Astellas Pharma Inc. (the “Company”), is incorporated in  Japan, and the registered address of headquarters and princi- pal business offices are available on the Company’s website  (http://www.astellas.com/en/). Also, shares of the Company  are publicly traded on the Tokyo Stock Exchange. The Group’s consolidated financial statements for the year  ended 31 March 2014 were authorised for issue on 18 June  2014 by yoshihiko Hatanaka, Representative Director, President  and Chief Executive Officer, and yasumasa Masuda, Senior  Corporate Executive and Chief Financial Officer. The consolidated financial statements of the Group have been  prepared in accordance with International Financial Reporting  Standards (“IFRS”) issued by the International Accounting  Standards Board. The Group first adopted IFRS for the year ended 31 March  2014, and accordingly, the consolidated financial statements  for the year ended 31 March 2014 are the Group’s first con- solidated financial statements prepared in accordance with  IFRS. The date of transition to IFRS was 1 April 2012, and the  Group has applied IFRS 1 “First-time Adoption of International  Financial Reporting Standards” (“IFRS 1”) at the transition to  IFRS. Descriptions of how the transition to IFRS has affected  the Group’s financial position, operating results, and cash  flows are provided in the related note, “First-time adoption”. Except for IFRS that have not been early adopted and exemp- tions permitted under IFRS 1, the Group’s accounting policies  are in accordance with IFRS effective as of 31 March 2014. For the convenience of readers outside Japan, the accom- panying consolidated financial statements are also presented  in U.S. dollars by translating Japanese yen amounts at the  exchange rate of ¥103 to US $1, the approximate rate of  exchange at the end of 31 March 2014. Such translations  should not be construed as representations that the Japanese  yen amounts could be converted into U.S. dollars at the above  or any other rate. The Group’s consolidated financial statements are presented  in Japanese yen, which is also the Company’s functional cur- rency, and figures are rounded to the nearest million yen,  except as otherwise indicated. The Group’s consolidated financial statements have been  prepared on a historical cost basis, except for financial  instruments measured at fair value. (2) Basis of measurement (3) Presentation currency (1) Compliance with IFRS and first-time adoption 2. Basis of preparation 1. reporting entity 108 Astellas Pharma Inc.  _ Annual Report 2014