Disclosure Document Types
YuHo, Tanshin, Integrated Report — where to find what
12 min
Learning Objectives
Differences and roles of the 9 main Japanese corporate disclosure documents
Division of labor between EDINET and TDnet
Critical differences between YuHo (annual securities report) and Tanshin (earnings release): timing, audit, legal basis
Reading order by purpose (investment / credit / M&A)
Efficient procedures to find documents on EDINET
Table of Contents
Glossary(5)
EDINET
EDINETElectronic Disclosure for Investors' NETwork. The FSA-operated electronic disclosure system for FIEA filings.
TDnet
Timely Disclosure network. Tokyo Stock Exchange's system for distributing timely disclosures such as earnings releases.
YuHo
Yukashoken Hokokusho (annual securities report). The audited statutory annual report filed under FIEA.
Tanshin
Kessan Tanshin (earnings release). Preliminary results publication under TSE timely disclosure rules. Unaudited.
Timely disclosure
System under exchange rules for immediate disclosure of stock-price-sensitive material events, for investor protection.
1. Why distinguish disclosure types
Japanese listed companies disclose a wide variety of documents under statute, exchange rules, and voluntary practice. Content, timing, and audit status differ — and so do the use cases.
- Two parallel systems: FIEA (EDINET) and exchange rules (TDnet)
- Tanshin is preliminary; YuHo is final and audited
- Integrated reports are voluntary but central to investor dialogue
- M&A and control-shift events follow separate channels (large-shareholding and TOB filings)
- Without a priority order you drown in too much information
Knowing 'which document contains what' is the first step to efficient corporate analysis.
2. Three disclosure categories
Disclosure documents split into three streams by filing destination and legal basis.
TDnet disclosure (exchange rules)
Based on TSE timely disclosure rules. Tanshin, earnings revisions, corporate action announcements. Emphasizes immediacy.
Voluntary disclosure
Integrated reports, sustainability reports, CSR reports, data books. Published on each company's IR site.
Remember: EDINET = statutory & final / TDnet = preliminary & exchange-driven / voluntary = management narrative.
3. Comparison of 9 main documents
Documents frequently referenced for investment and analysis.
Annual securities report (YuHo)
Once a year
Statutory annual report with audited financials and full business overview
Semi-Annual Report
Earnings release (Tanshin)
4 times a year
TDnet
Preliminary earnings. Primary base for results briefings
Extraordinary report
Integrated report
Once a year
IR site
Voluntary. Value-creation story, ESG, strategic narrative
Corporate Governance Report
Annual + ad hoc
TDnet
Governance structure, independent directors, cross-shareholdings
Large shareholding report
On 5%+ acquisition etc.
5%+ shareholder movements. Tracks activists and acquirers
Tender offer (TOB) filing
Timely disclosure (IR news)
Ad hoc
TDnet
Immediate disclosure of earnings revisions, products, dividend changes
| Document | Issuer | Frequency | Source | Purpose |
|---|---|---|---|---|
| Annual securities report (YuHo) | Issuer | Once a year | EDINET | Statutory annual report with audited financials and full business overview |
| Semi-Annual Report | Issuer | Once a year (H1) | EDINET | Statutory semi-annual report (consolidated + non-consolidated). Subject to interim review. Replaces the abolished quarterly report (FIEA amendment, April 2024) |
| Earnings release (Tanshin) | Issuer | 4 times a year | TDnet | Preliminary earnings. Primary base for results briefings |
| Extraordinary report | Issuer | Ad hoc | EDINET | Additional disclosure on material events (large losses, CEO change, M&A) |
| Integrated report | Issuer | Once a year | IR site | Voluntary. Value-creation story, ESG, strategic narrative |
| Corporate Governance Report | Issuer | Annual + ad hoc | TDnet | Governance structure, independent directors, cross-shareholdings |
| Large shareholding report | Holder | On 5%+ acquisition etc. | EDINET | 5%+ shareholder movements. Tracks activists and acquirers |
| Tender offer (TOB) filing | Bidder | On TOB launch | EDINET | Terms of M&A, MBO, parent-child listing dissolution |
| Timely disclosure (IR news) | Issuer | Ad hoc | TDnet | Immediate disclosure of earnings revisions, products, dividend changes |
Strength of audit and legal binding: YuHo > Semi-Annual Report > Tanshin > Integrated report. With quarterly reports abolished in April 2024, the Q1/Q3 Tanshin (TSE listing-rule disclosure, published on TDnet) is now the de-facto primary interim information source.
4. YuHo vs Tanshin
Similar but fundamentally different. Misusing them leads to wrong calls.
Timing
Within 3 months of fiscal year-end
Within 45 days of fiscal year-end (often 30–40)
Legal basis
Financial Instruments and Exchange Act
TSE timely disclosure rules
Audit/Review
Audited by independent auditor (FIEA audit)
None (preliminary)
Information depth
Detailed (business situation, risks, governance, YuHo-specific disclosures)
Summary + financial statements only
Sustainability disclosure
Yes (mandatory since 2023)
No
Filing location
TDnet
| — | Yuho (Annual Securities Report) | Tanshin (Financial Summary) |
|---|---|---|
| Timing | Within 3 months of fiscal year-end | Within 45 days of fiscal year-end (often 30–40) |
| Legal basis | Financial Instruments and Exchange Act | TSE timely disclosure rules |
| Audit/Review | Audited by independent auditor (FIEA audit) | None (preliminary) |
| Information depth | Detailed (business situation, risks, governance, YuHo-specific disclosures) | Summary + financial statements only |
| Sustainability disclosure | Yes (mandatory since 2023) | No |
| Filing location | EDINET | TDnet |
Workflow: 'use Tanshin for speed, confirm with YuHo for depth'. Tanshin numbers can later be revised.
5. Annual disclosure timeline (March-fiscal-year example)
For a typical March year-end company, the annual disclosure flow looks like this.
Full-year results
Tanshin (late Apr–mid May) → results briefing → next-year guidance
YuHo filing
Within 3 months of year-end (by end of June). Final report for the full year
AGM
Convocation notice and reference materials, business report. Overlaps with YuHo but serves different purposes
Q1 Tanshin
Published on TDnet early August. The statutory quarterly report was abolished by the FIEA amendment in April 2024
Q2 Tanshin & Semi-Annual Report
Q2 Tanshin within 45 days of period end; Semi-Annual Report filed to EDINET within 3 months. Interim dividend usually decided at the same time
Integrated report
Often autumn–year-end. Mid- to long-term strategy based on prior-year actuals
Q3 Tanshin
Q3 Tanshin only — the quarterly report no longer exists
FIEA reform: quarterly disclosure changes (effective Apr 2024)
The April 2024 FIEA revision abolished Q1/Q3 quarterly reports; earnings releases (kessan-tanshin) now stand alone. Q2 survives as the statutory semi-annual report.
Q1
Quarterly report (statutory) + earnings release
Earnings release only
Q2
Quarterly report (statutory) + earnings release
Semi-annual report (statutory) + earnings release
Q3
Quarterly report (statutory) + earnings release
Earnings release only
Full year
Annual securities report (statutory) + earnings release
Annual securities report (statutory) + earnings release (unchanged)
| Period | Before (–Mar 2024) | After (Apr 2024–) |
|---|---|---|
| Q1 | Quarterly report (statutory) + earnings release | Earnings release only |
| Q2 | Quarterly report (statutory) + earnings release | Semi-annual report (statutory) + earnings release |
| Q3 | Quarterly report (statutory) + earnings release | Earnings release only |
| Full year | Annual securities report (statutory) + earnings release | Annual securities report (statutory) + earnings release (unchanged) |
The whole timeline shifts with fiscal year. If overseas subsidiaries have a December year-end, also check the consolidation schedule.
6. Finding documents on EDINET
Efficient procedure to retrieve filings from EDINET.
Filter by document type
'Annual securities report', 'semi-annual report', 'large shareholding', etc. Narrow by date (pre-2024-04 'quarterly reports' remain searchable as historical archive)
Download PDF or structured data
PDF for reading, structured data for analysis. This site parses it automatically and displays it in a readable view.
Check for amendments
If 'Amended ○○ report' exists, use the latest version
EDINET search has quirks. Going straight to a company page on this site is more efficient.
7. Reading order by purpose
Changing the reading order by use case is the key to efficiency.
(1) Tanshin (fast numbers) → (2) YuHo 'Business Situation' & 'MD&A' → (3) Integrated report (strategy) → (4) CG report (cross-shareholdings, governance)
(1) YuHo full 'Accounting Information' → (2) Detailed CF statement → (3) YuHo 'Risk Factors' → (4) Rating/bond materials
(1) YuHo 'History' & 'Related companies' → (2) Large-shareholding reports → (3) Prior TOB filings → (4) Extraordinary reports
(1) YuHo 'Sustainability' chapter → (2) Integrated report → (3) CG report (diversity, board composition) → (4) TCFD/SSBJ disclosures
(1) Each company's Tanshin summary → (2) YuHo 'Key indicators' table → (3) Segment descriptions in integrated reports
Don't read everything — prioritize by purpose. The Financial Indicators tab on this site supports cross-company comparison at a glance.
8. Common pitfalls
Frequent mistakes in using disclosure documents.
- Making decisions on Tanshin numbers — they can be revised by the YuHo. For important calls wait for YuHo
- Missing amendments — always verify the latest amended version when consulting older filings
- Confusing EDINET code with securities code — EDINET has its own coding system
- Overlooking parent-subsidiary listing relationships — distinguish consolidation from equity method
- Integrated reports are unaudited — beware of cherry-picked narratives
- Foreign subsidiary local filings (SEC etc.) flow through separate channels
Be aware of the trust hierarchy: official statutory (YuHo) > preliminary (Tanshin) > voluntary (integrated report).
Try with real disclosures
Compare different document types for the same company.