UK Endorsement Board (UKEB) and Accounting Standards Board ofJapan (ASBJ) Hold Bilateral Meeting
30 March 2023
Representatives of the UK Endorsement Board (UKEB) and the Accounting Standards Boardof Japan (ASBJ) held a bilateral meeting on 29 March 2023 in London, UK to provide
updates on their activities. This is an important step towards developing a bilateral
understanding of issues faced by the two boards and finding areas of common interest.
The UKEB and the ASBJ also discussed specific technical topics in which both Boards havean interest, including intangibles, the international tax reform (the Pillar Two model rules),and the connectivity between sustainability and financial reporting.
The UKEB and the ASBJ plan to continue exchanging views.
Pauline Wallace, Executive Chair of the UKEB, said:“This bilateral meeting was a great opportunity to strengthen our links with the ASBJ. I am
grateful to them for their willingness to share their views on bilateral topics and I lookforward to our future discussions”
Yasunobu Kawanishi, Chair of the ASBJ, said:“I would like to thank the UKEB for hosting this bilateral meeting in London. Thediscussions were extremely helpful in understanding our respective priorities and concerns on
various issues related to financial reporting. I look forward to continuing the constructive
dialogue with the UKEB in the coming years.”

Contacts - ASBJ:
Mari Kimura, Project Manager, Accounting Standards Board of Japan
Telephone: +81 (0)3 5510 2774
Email: m.kimura@asb-j.jp
Contacts - UK Endorsement Board
Adam Mohamed, Communications Manager,Telephone: +44 (0) 79 2087 4687
Email: a.mohamed@frc.org.uk.

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 at https://www.asb.or.jp/en/

About the UK Endorsement Board (UKEB)The UK Endorsement Board (UKEB) is responsible for the endorsement and adoption ofinternational accounting standards for use in the UK following the delegation offunctions relating to IAS under The International Accounting Standards (Delegation ofFunctions) (EU Exit) Regulations 2021. The UKEB also leads the UK’s engagementwith the International Accounting Standards Board (IASB) on the development of new
accounting standards, amendments and interpretations.
There are currently approximately 1,500 entities with equity listed on the London Stock
Exchange that prepare their financial statements in accordance with UK-adopted
international accounting standards. In addition, UK law allows unlisted companies theoption to use IFRS and approximately 14,000 UK registered entities take up this option.
The UKEB proactively participates in the development of new global accounting
standards by: engaging with UK stakeholders and collecting evidence on relevant technical issues
and communicating such evidence to the International Accounting Standards Board(IASB) and to other national standard-setters or regional organisations; developing potential ways to improve or remedy deficiencies in international
accounting standards; and working proactively with others to stimulate debate on financial reporting matters on
the IASB agenda at an early stage in the standard-setting process.
In addition, the UK Government has asked the UKEB (along with the Financial
Reporting Council (FRC) and the Financial Conduct Authority (FCA)) to engage with
the International Sustainability Standards Board (ISSB) and their proposed standards.
The UKEB’s work is focused on the connectivity between the standards issued by theIASB and the ISSB.
The UKEB consults publicly with stakeholders that have an interest in financial reportingin the UK so that it can develop and represent evidence-based UK views with the aim ofacting as the UK’s voice on IFRS financial reporting, including at ASAF, the IASB’sadvisory forum for standard setters.
 The UKEB is committed to independence and transparency of its technical agenda.
Board papers are made available on its website ahead of meetings, and members of thepublic can register to attend the live meetings or watch recordings uploaded on theUKEB website.
 For more information visit www.endorsement-board.uk
All media enquiries should be directed to:Adam Mohamed, Communications Manager, on telephone: +44 (0)79 2087 4687 or email:a.mohamed@frc.org.uk.