IFRS Standards Update - The Japanese Institute of Certified Public Accountants (JICPA)

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. Please visit the event website in order to view the complete agenda and speaker line-up.