31 March 2023

PRESS RELEASE
Representatives of EFRAG and the Japanese Accounting
and Sustainability Boards Hold Meetings in Brussels
Representatives of EFRAG – Europe’s voice in Corporate Reporting and representativesof the Accounting Standards Board of Japan (ASBJ) and the Sustainability Standards
Board of Japan (SSBJ) (hereinafter referred to as “the Japanese Boards”) held meetingson 30-31 March 2023 in Brussels, Belgium.
Regarding financial reporting, meeting participants provided updates on theirrespective 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 thevanguard in the development of sustainability reporting requirements. In accordancewith 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 arecommitted 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

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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 resumptionof 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 Chairmanshipof the IFASS. For this meeting, we welcome the opportunity to exchange notes ontopics that are of mutual interest related to the IASB workplan, the ASBJ standardsetting 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 meetingin 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 neworganisational structure at EFRAG. The ASBJ and the SSBJ look forward to continuing
the constructive dialogue with EFRAG in the future.”Contacts:
Mari Kimura, Project Manager, Accounting Standards Board of Japan
Telephone: +81 (0)3 5510 2774
Email: m.kimura@asb-j.jp
Tomomi Eguchi, Project Manager, Sustainability Standards Board of Japan
Telephone: +81 (0)3 5510 2753
Email: t.eguchi@ssb-j.jp
Cecile Etevenot, EFRAG Communication Manager,
Telephone +32-(0)2 207 93 00 / +32-(0)494 54 37 21

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Email: cecile.etevenot@efrag.org or info@efrag.org
About the Accounting Standards Board of Japan (ASBJ)
The Accounting Standards Board of Japan (ASBJ) was established in July 2001 under
the Financial Accounting Standards Foundation (FASF) and is a private-sector
organisation. Accounting standards developed by the ASBJ are to be authorised by
the Financial Services Agency (FSA) as part of Japanese generally accepted accountingprinciples. The ASBJ develops accounting standards and implementation guidance
that appropriately reflect the environment in which business enterprises operate. TheASBJ also communicates with corresponding organisations abroad and contributes tothe development of global accounting standards.

For more information about theASBJ, 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
the FASF and is a private-sector organisation. The legal framework for sustainability
disclosure standards is to be determined by the Financial Services Agency, and theSSBJ will develop domestic standards in line 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 inauguralmembers of the Sustainability Standards Advisory Forum (SSAF).

For more

information about the SSBJ, visit its website at https://www.asb.or.jp/en/

About EFRAG (https://www.efrag.org/ )EFRAG’s mission is to serve the European public interest in both financial reporting andsustainability reporting by developing and promoting European views in the field ofcorporate reporting and by developing draft EU Sustainability Reporting Standards.
In its financial reporting activities, EFRAG ensures that European views are properly
considered in the IASB’s standard-setting process and related international debates.
EFRAG ultimately provides advice to the European Commission on whether newly
issued or revised IFRS Standards meet the criteria of the IAS Regulation forendorsement for use in the EU, including whether endorsement would be conduciveto the European public good.

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In its sustainability reporting activities, EFRAG provides technical advice to theEuropean Commission in the form of draft EU Sustainability Reporting Standards thatare accompanied by basis for conclusions and cost-benefit analyses including impactanalyses.

Throughout the standard-setting process, EFRAG seeks input from all

stakeholders, and obtains evidence about specific European circumstances. Its
legitimacy is built on transparency, governance, due process (which may include fieldtests, impact analyses and outreaches), public accountability and thought leadership.
This enables EFRAG to speak convincingly, clearly and consistently, and be recognised
as the European voice in corporate reporting. EFRAG is operating in a fast-evolving
environment. It is attentive to the need to adapt its activities to meet new opportunities
and challenges in corporate reporting.

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