NEWS RELEASE
January 10, 2023

Representatives of the Accounting Standards Board of Canada and theAccounting Standards Board of Japan Hold Bilateral Meeting in Toronto
Representatives of the Accounting Standards Board (AcSB) of Canada and the AccountingStandards Board of Japan (ASBJ) held a bilateral meeting on January 9, 2023 in Toronto,
Canada. This meeting was the fourth bilateral meeting between the AcSB and the ASBJ.
Representatives of the Sustainability Standards, Financial Reporting & Assurance Standards
Canada and the Sustainability Standards Board of Japan (SSBJ) also attended the meeting.
At this meeting, representatives of the AcSB and the ASBJ provided updates on theirrespective activities and discussed agenda items in which both Boards have interest, such as
crypto-assets. Representatives from Financial Reporting & Assurance Standards Canada’s
sustainability standards team and the SSBJ provided updates on their respective activities．
Representatives of the accounting and sustainability bodies from Canada and Japan
collectively discussed the connectivity between sustainability and financial reporting.
The AcSB and the ASBJ plan to continue to exchange views.
Armand Capisciolto, Interim Chair of the AcSB, stated, “It was a pleasure to have an inperson opportunity to connect with the ASBJ in my new role as AcSB Chair. Our shared goal
to support global comparability of reporting continues to progress, as seen through ourrespective jurisdictions’ focus on sustainability and financial reporting, and our discussion
on accounting for crypto assets.”
Lisa French, Vice-President, Sustainability Standards, Financial Reporting & AssuranceStandards Canada, added, “It is essential to stress the importance of connectivity between
sustainability and financial reporting. Working collaboratively at the national level will help
to ensure the broad spectrum of those affected by global sustainability disclosure standards
are supported on their journey to quality sustainability reporting.”
Yasunobu Kawanishi, Chair of both the ASBJ and the SSBJ, stated, “The ASBJ and the SSBJ
would like to thank the AcSB for hosting this in-person meeting in Toronto. Regarding
accounting standards, we confirmed the importance of convergence between IFRS
accounting standards and U.S. GAAP and had constructive discussions on topics in which
both Boards were highly interested. Regarding sustainability disclosure standards, weprovided updates on our respective initiatives. The ASBJ and the SSBJ look forward tocontinuing the productive dialogue with the AcSB and to begin the dialogue with theCanadian Sustainability Standards Board (CSSB) that will become operational in the comingmonths.”###Contacts:
Mari Kimura, Project Manager, Accounting Standards Board of Japan
Telephone: +81-3-5510-2774
Email: m.kimura@asb-j.jp
Tomomi Eguchi, Project Manager, Sustainability Standards Board of Japan
Telephone: +81-3-5510-2753
Email: t.eguchi@ssb-j.jp
Daniella Girgenti, Communications Director, Financial Reporting & Assurance Standards
CanadaTelephone: +1-416-204-3482
Email: dgirgenti@frascanada.ca

About the Accounting Standards Board of Japan (ASBJ)
The Accounting Standards Board of Japan (ASBJ) was established in July 2001 under theFinancial Accounting Standards Foundation (FASF) and is a private-sector organization.
Accounting standards developed by the ASBJ are to be authorized by the Financial Services
Agency (FSA) as part of Japanese generally accepted accounting principles. The ASBJ
develops accounting standards and implementation guidance that appropriately reflect theenvironment in which business enterprises operate. The ASBJ also communicates withcorresponding organizations abroad and contributes to the development of global accounting
standards. For more information about the ASBJ, visit its website athttps://www.asb.or.jp/en/.
About the Sustainability Standards Board of Japan (SSBJ)The Sustainability Standards Board of Japan (SSBJ) was established in July 2022 under theFASF and is a private-sector organization. The legal framework for sustainability disclosure
standards is to be determined by the FSA, and the SSBJ will develop domestic standards inline with such framework, once it is established. The SSBJ is a member of the Jurisdictional
Working Group of the International Sustainability Standards Board (ISSB) and has been
appointed as one of the inaugural members of the Sustainability Standards Advisory Forum(SSAF). For more information about the SSBJ, visit its website athttps://www.asb.or.jp/en/
About the Accounting Standards Board (AcSB)The Accounting Standards Board (AcSB) is an independent body with the authority toestablish accounting standards for use by all Canadian entities outside the public sector. It
serves the public interest by establishing standards for financial reporting by all Canadianprivate sector entities and by contributing to the development of internationally acceptedfinancial reporting standards.
As an independent body, the AcSB develops and maintain Canadian accounting standards tosupport informed economic decision making by financial statement users throughmaintaining a framework that provides a basis for high-quality information about financial
performance reported by Canadian private sector entities. Accounting standards specify howtransactions and other events are to be recognized, measured, presented and disclosed infinancial statements.
About the Canadian Sustainability Standards Board (CSSB)The Canadian Sustainability Standards Board (CSSB) was announced in June 2022 to ensuresustainability disclosures are standardized in Canada by working to develop and support theadoption of IFRS® Sustainability Disclosure Standards and consider the Canadian context
in assessing their relevancy. As an independent body, the standards that will be developed
and maintained by the CSSB are critical to building and promoting confidence insustainability reporting. They will contribute to the quality information reported and assured
in Canada, further supporting informed decision making. The CSSB aims to be operational inApril 2023.
For more information on the AcSB and CSSB, visit www.frascanada.ca.