As of October 2021, 256 Japanese companies have either adopted or decided to adopt IFRS, and the number of adopters is increasing. With regard to Japanese GAAP, standards also continues to be developed in a way consistent with IFRS and other international accounting standards, for example in the areas of leases and impairment of financial instruments. As such it is important to update the latest developments of IFRS not only for voluntary adopters of IFRS but for all parties involved in financial reporting in Japan.
Meanwhile, on November 3, 2021, the IFRS Foundation established the International Sustainability Standards Board (ISSB) as a new organization on par with the IASB, and published two prototype documents—one which focuses on climate-related disclosures and a second that sets out general sustainability disclosures—developed by the Technical Readiness Working Group (TRWG). Given the situation where the IFRS Sustainability Disclosure Standards developed by the ISSB are expected to be widely adopted internationally in the future, close attention should be paid to the ISSB’s efforts because the standards may have a significant impact on corporate information disclosures in Japan.
At this seminar, we welcome Masamichi Kono (IFRS Foundation Trustee), Andreas Barckow (IASB Chair), Sue Lloyd (IASB Vice-Chair), and Rika Suzuki (IASB Board Member) from the IFRS Foundation. Following the keynote speech by the IASB Chair, they will be discussing the latest developments with IASB activities and projects (such as supporting the adoption of new standards), the latest developments at the ISSB, and connectivity between the IASB and ISSB.
This seminar will be distributed on the web to prevent the infection with COVID-19. If you wish to participate in the seminar, please apply by clicking the link on this website.
Dr Andreas Barckow is an experienced and highly regarded leader in the field of international accounting. From 2015 to 2021, he served as President of the Accounting Standards Committee of Germany (Deutsches Rechnungslegungs Standards Committee e.V.).
He has been an active participant in numerous advisory bodies to the IFRS Foundation and the IASB, including membership of the IASB’s Accounting Standards Advisory Forum and the IFRS Advisory Council. Moreover, he is an acknowledged expert in IFRS Standards, having previously served as the lead technical partner for financial reporting matters in the German member firm of Deloitte.
Dr Barckow holds a Diploma and Doctorate degree in Business Administration from the University of Paderborn and is an Honorary Professor at WHU Otto Beisheim School of Management.
He started his term as Chair of the International Accounting Standards Board in July 2021.
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 IFRS transition and application for large multinationals and other listed companies. Ms Suzuki was a member of the Accounting Standards Board of Japan (ASBJ)’s Special Committee for IFRS Implementation. She also chaired the Japanese Institute of Certified Public Accountants (JICPA)’s Working Groups for Japan’s Modified International Standards (JMIS) and Revenue Recognition. She holds a master’s degree from Hitotsubashi University Graduate School of International Corporate Strategy and a bachelor’s degree in law from Keio University in Japan.
Masamichi Kono was appointed as a Trustee of the IFRS Foundation in July 2021.
He serves as Deputy Secretary General of the Organisation for Economic Cooperation and Development (OECD), where his responsibilities include setting the strategic direction of OECD policy on environment, tax, trade and agriculture, along with leading financial and enterprise affairs. He oversees initiatives on infrastructure and sustainable growth and represents the OECD at the Financial Stability Board.
Mr Kono has held senior and executive roles at the Ministry of Finance and the Financial Services Agency of Japan.
He served as Chairman of the International Organization of Securities Commissions (IOSCO) Technical Committee, and thereafter as Chairman of the IOSCO Board. He was also Co-chair of the Financial Stability Board’s regional consultative group for Asia, and served as Chair of the IFRS Foundation Monitoring Board from 2013 to 2016.
Sue Lloyd was appointed as vice-chair of the International Accounting Standards Board (Board) in October 2016, having served as a Board member since 2014.
She was reappointed as vice-chair in April 2018 for a term of five years starting 1 January 2019.
She was appointed the Chair of the IFRS Interpretations Committee in February 2017 and continues to serve.
Prior to joining the Board, Ms Lloyd worked for the organisation as a senior technical director, leading the development of new IFRS Standards, and as director of capital markets with responsibility for the Board’s reform of accounting for financial instruments.
Ms Lloyd also worked for the organisation from 2002 to 2004 as a technical project manager.
She has held various positions in investment banking both in the UK and in Australia and has served as a member of the Australian Accounting Standards Board (AASB). She has a Master’s degree in accounting and finance from the University of Auckland in New Zealand.