21 August 2017

IFRS Foundation Asia-Oceania office Q2 2017 news summary

This is the second quarterly summary of events involving the IFRS® Foundation's Asia-Oceania office (AO office) in Tokyo, Japan. It helps you to stay up-to-date with workshops, conferences, discussions and consultations that have taken place.

26/5/17: The 11th IFRS Digital Reporting Workshop

On 26 May, the 11th IFRS Digital reporting Workshop was held at the AO office, focusing on the evaluation of a company's value in an acquisition and how these should be disclosed. The workshop gathered preparers, auditors and users of financial statements to discuss the usability of IFRS financial statements in digital format.

International Accounting Standards Board (Board) members visiting Japan for the Trustees meeting that was also organised in Tokyo in May were invited, and other Board members and staff in the London office also joined via video conference.


26/5/17: Exchange of views with Japanese preparers

On 26 May, IASB Chair Hans Hoogervorst, Board Member Takatsugu Ochi and AO office Director Mitsuhiro Takemura attended the meeting of the Committee on Finance and Accounting of Keidanren, held at the Keidanren Kaikan Building. Among the topics discussed with the committee members was goodwill accounting.


25/5/17: Joint statement by the FASF and the IFRS Foundation Trustees

On 25 May, the Financial Accounting Standards Foundation of Japan (FASF) and the IFRS Foundation Trustees held a joint press conference at the Tokyo Stock Exchange Arrows Presentation Stage. IASB chair Hans Hoogervorst gave a presentation on the latest activities of the Board, and Chair of the IFRS Foundation Trustees Michel Prada and Chair of the FASF Kazuaki Kama signed a joint statement.

The FASF and the IFRS Foundation Trustees reaffirmed their shared commitment to the objective of a single set of high quality, global accounting standards and described how the two organisations will work together to support the adoption of IFRS Standards in Japan. They also noted the importance of the IFRS Foundation's Asia-Oceania office in further promoting cooperation in the region.


24/5/17: Stakeholder event

On 24 May, the FASF and the Trustees of the IFRS Foundation jointly hosted a stakeholder event at the Hotel Okura Tokyo, Ascot Hall. Major Japanese market stakeholders and the Chair Advisory Committee members of the Asian Oceanian Standard-setters Group (AOSSG) attended the event.

Chair of the IFRS Foundation Trustees Michel Prada made the opening remarks, followed by the welcoming remarks by Deputy Prime Minister, Minister of Finance and Minister of State for Financial Services of Japan Taro Aso, who focused on the ongoing work in Japan to develop a constructive dialogue between companies and investors and how accounting standards contribute to this dialogue. The keynote speech was delivered by the President of Sumitomo Mitsui Financial Group Inc, Takeshi Kunibe.

Afterwards, a panel discussion entitled 'Constructive dialogue between preparers of financial statements and investors' was held, chaired by Goro Kumagai, the Vice-Chair of the IFRS Advisory Council. The five panellists were IASB Chair Hans Hoogervorst, President of the Securities Analysts Association of Japan Akiyoshi Oba, Accounting Standards Board of Japan Chair Yukio Ono, Japanese Institute of Certified Public Accountants President Aiko Sekine and CFO of the Mitsubishi Corporation Kazuyuki Masu.


22/5/17 Meeting of the Corporate Reporting Users Group (CRUF)

On 22 May, a meeting of CRUF was arranged by PricewaterhouseCoopers Aarata LLC at the AO office. IASB Vice-Chair Sue Lloyd gave a presentation on IFRS 16 Leases to members of CRUF from Japan, Australia and New Zealand before taking part in a question and answer session with the meeting participants. In addition, a briefing session on the Discussion Paper Disclosure Initiative—Principles of Disclosure was held for Japanese CRUF members.


5/5/17: Participation in 124th ASEAN Federation of Accountants (AFA) Council Meeting

On 5 May, AO office Director Mitsuhiro Takemura attended the 124th AFA Council Meeting held in Bandar Seri Begawan, Brunei Darussalam, where he gave a presentation on the mission of the IFRS Foundation, AO office activities and the organisation's training programme on the IFRS for SMEs Standard.


12/4/17: Visit by the Auditor General of the Union of Myanmar

On 12 April, Auditor General of the Union of Myanmar Maw Than visited the AO office. We welcomed Mr Than at the office and introduced the mission of the IFRS Foundation and the activities of the AO office.


3/4/17: The AO office attended the opening of the International Forum of Independent Audit Regulators' (IFIAR) office in Tokyo

On 3 April, Board Member Takatsugu Ochi and AO office Director Mitsuhiro Takemura attended IFIAR's ceremony to mark the opening of its permanent office in Tokyo. Deputy Prime Minister Taro Aso made the welcoming remarks.

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