As of November 2020, 231 Japanese companies have either adopted or decided to adopt IFRS, and the application of IFRS standards is steadily expanding. With regard to Japanese GAAP, too, actively efforts are being made to establish standards that are consistent with IFRS standards and other international accounting standards, so the existence of IFRS standards is becoming increasingly important not only for companies that are voluntarily applying IFRS, but for all parties involved in financial reporting in Japan.
The International Accounting Standards Board (IASB), which develops the IFRS standards, has entered a new phase as it develops large-scale standards for revenue recognition, financial instruments, leases, insurance policies. A close eye will therefore need to be kept on such developments going forward.
At this seminar, we welcome the IASBʼs Hans Hoogervorst (Chair), Rika Suzuki (Board member), and Tom Scott (Board member) as lecturers. They will be discussing the latest developments with IASB activities and projects (such as supporting the adoption of new standards) and a forthcoming Exposure Draft for a revised IFRS Practice Statement on Management Commentary, which is set for release in April 2021.
If you wish to participate in the seminar, please apply by clicking the link on this website.
Rika Suzuki IASB Board Member
■ Update on current work plan
■ Consultations in progress and forthcoming consultations
■ Other projects
■ Supporting consistent application of IFRS Standards
■ Requirements coming into effect soon
■ Shaping the next five years
■ IFRS Taxonomy
Tom Scott IASB Board Member
Yulia Feygina IASB Technical Staff
Matt Chapman IASB Technical Staff
■ Preview of forthcoming proposals for a revised IFRS Practice Statement on management commentary
Hans Hoogervorst became chairman of the International Accounting Standards Board (Board) in 2011. He was reappointed for a second five-year term in 2016. Mr Hoogervorst is a former chairman of the executive board of the Dutch Authority for the Financial Markets (AFM) and a former chairman of the technical committee of the International Organization of Securities Commissions (IOSCO). As co-chair of the Financial Crisis Advisory Group, a high-level group of business leaders with experience of international markets, he advised the Board and the Financial Accounting Standards Board on their joint response to the financial crisis. He has also served as chairman of the Monitoring Board of the IFRS Foundation.
From 1998 to 2007, Mr Hoogervorst held a number of positions in the Dutch Government, including state secretary for social affairs, minister of finance and minister of health, welfare and sport. Prior to this, Mr Hoogervorst served as both a member of and senior policy advisor to the Dutch Parliament and the Ministry of Finance. He also spent three years as a banking officer for the National Bank of Washington in Washington, DC.
Mr Hoogervorst holds Masterʼs degrees in modern history from the University of Amsterdam and in international relations from Johns Hopkins University, School of Advanced International Relations Studies in the Netherlands.
Ms Suzuki was the IFRS Leader and Assurance Partner of PwC Aarata LLC in Japan, where she provided advice on accounting and reporting issues under IFRS Standards, Japanese GAAP and US GAAP. She also supervised reviews of IFRS transition and application for large multinationals and other listed companies. Ms Suzuki was a member of the Accounting Standards Board of Japan (ASBJ)ʼs Special Committee for IFRS Implementation. She also chaired the Japanese Institute of Certified Public Accountants (JICPA)ʼs Working Groups for Japanʼs Modified International Standards (JMIS) and Revenue Recognition.
Tom Scott started his first term as a member of the International Accounting Standards Board in April 2017.
Prior to his appointment, he served as director and professor of accounting at the School of Accounting and Finance at the University of Waterloo in Canada, and held the positions of vice dean and professor of accounting at the University of Albertaʼs School of Business. His teaching and research focused on financial reporting, and in particular, on the usefulness of financial reporting for understanding security prices.
Mr Scott has taught at all university levels, published numerous research papers and received several awards, including the Queen Elizabeth II Diamond Jubilee Medal for Contributions to Canada (2012) and the Distinguished Service Award of the Institute of Chartered Accountants of Alberta (2009).
He was a member of the Canadian Accounting Standards Board (AcSB) from 2003 to 2011 and of the Conceptual Framework Advisory Council to the AcSB from 2005 to 2015.
Mr Scott holds an MBA from McGill University and a PhD from Queenʼs University at Kingston, Canada.