Comments on the IFRS Foundation Exposure Draft on Proposed Targeted Amendments to the IFRS Foundation Constitution to Accommodate an International Sustainability Standards Board to Set IFRS Sustainability Standards

The IFRS Council of Japan(*), in which Financial Services Agency and Financial Accounting Standards Foundation (FASF) serve as the secretariat, has submitted a comment letter on the IFRS Foundation Exposure Draft on Proposed Targeted Amendments to the IFRS Foundation Constitution to Accommodate an International Sustainability Standards Board to Set IFRS Sustainability Standards, published on April 30, 2021.

Comments on the Exposure Draft

(*) The IFRS Council of Japan is a conference body established for the purpose of gathering and exchanging the opinions of Japanese market participants related to International Financial Reporting Standards (IFRS) and comprises 9 organizations (Keidanren (Japan Business Federation (JBF))), the Japanese Institute of Certified Public Accountants (JICPA), Japan Exchange Group/ Tokyo Stock Exchange, Inc. (JPX/TSE), the Securities Analysts Association of Japan (SAAJ), Accounting Standards Board of Japan (ASBJ), Financial Accounting Standards Foundation (FASF), Financial Services Agency (FSA), Ministry of Economy, Trade and Industry (METI), and Ministry of Justice (MOJ)).  For submitting the comment letter on the Exposure Draft, a working group was formed under the Council, and in addition to the organizations mentioned above, 7 organizations (Government Pension Investment Fund (GPIF), Japanese Bankers Association (JBA), Japan Securities Dealers Association (JSDA), the Life Insurance Association of Japan (LIAJ), the General Insurance Association of Japan (GIAJ), Japan Investment Advisers Association (JIAA) , and Ministry of the Environment (MOE)) participated as observers and the Council collected their opinions.