31/03/2023 - Representatives of EFRAG and the Japanese Accounting and Sustainability Boards Hold Meetings in Brussels
Representatives of EFRAG – Europe’s voice in Corporate Reporting and representatives of the Accounting Standards Board of Japan (ASBJ) and the Sustainability Standards Board of Japan (SSBJ) (hereinafter referred to as “the Japanese Boards”) held meetings on 30-31 March 2023 in Brussels, Belgium.
Regarding financial reporting, meeting participants provided updates on their respective activities and exchanged views on items of mutual interest, including primary financial statements, crypto-assets, international tax reform-pillar two model rules, and business combinations-disclosures goodwill and impairment.
Regarding sustainability reporting, meeting participants introduced their respective organisational structure, work plan and priorities. Participants also exchanged views on climate change and other topics related to sustainability reporting.
EFRAG and the Japanese Boards plan to continue to exchange views on a regular basis.
Patrick de Cambourg, Chair of the EFRAG Sustainability Reporting Board, said:
“The bilateral dialogue between the SSBJ and the SRB is an outstanding opportunity for our respective organisations to draw on reciprocal insights from being at the vanguard in the development of sustainability reporting requirements. In accordance with the CSRD provisions, EFRAG is making every effort to build on and contribute to the global sustainability reporting momentum.
As members of the ISSB Jurisdictional Working Group, both the SRB and the SSBJ are committed to fostering the international interoperability of sustainability-related disclosure requirements. This meeting builds on the collaboration so far and is a further step in understanding the opportunities and challenges that arise from developing sustainability reporting standards.”
Wolf Klinz, Chair of the EFRAG Financial Reporting Board, said:
“Engaging with national accounting standard setters is integral to the success of EFRAG financial reporting pillar’s activities in influencing the development of IFRS Standards. Accordingly, EFRAG welcomes the bilateral dialogue with the ASBJ and the resumption of the past and laudable tradition of our two organisations having these meetings regularly.
Even though the pandemic restricted the ability to have this exchange of views during the last few years, our collaboration has been ongoing over the years on many fronts including as members of the ASAF and in our organisations’ successive Chairmanship of the IFASS. For this meeting, we welcome the opportunity to exchange notes on topics that are of mutual interest related to the IASB workplan, the ASBJ standard-setting activity, and our respective proactive research agenda.”
Yasunobu Kawanishi, Chair of both the ASBJ and the SSBJ, said:
“The ASBJ and the SSBJ would like to thank EFRAG for hosting this in-person meeting in Brussels. It was the first time in several years to hold an in-person meeting related to accounting standards and the first related to sustainability standards under the new organisational structure at EFRAG. The ASBJ and the SSBJ look forward to continuing the constructive dialogue with EFRAG in the future.”
Download the press release here.
Pictures of the meetings are available here.
