Seminar “FASB’s Standard Setting Process and Updates on Recent Developments”
U.S. Financial Accounting Standards Board
Japanese Institute of Certified Public Accountants
Accounting Standards Board of Japan
The FASB, the JICPA and the ASBJ are pleased to announce that they will jointly host a seminar entitled “FASB’s Standard Setting Process and Updates on Recent Developments” as outlined below. The event is intended for professionals involved in financial reporting.
At this seminar, Richard Jones, Chair of the FASB, and other FASB representatives will participate in a panel discussion to share their views on the FASB’s standard setting process and recent standard-setting activities. The seminar aims to deepen dialogue with stakeholders in Japan’s capital markets.
| Program |
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Please note that the archive videos contain a mix of the original audio and simultaneous interpretation.
The archive videos in Japanese are available here.
Presentation material is available here.
| SPEAKERS |
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Richard R. Jones (Chair of the FASB)
Richard R. Jones began his seven-year term as the eighth chair of the FASB on July 1, 2020. In this role, Mr. Jones heads up the seven-member board that establishes generally accepted accounting principles (GAAP) for public companies, private companies and nongovernmental not-for-profit organizations in the United States. Mr. Jones brings to his position with the FASB deep technical accounting experience obtained over more than three decades with Ernst & Young (EY). Prior to his appointment to the FASB, Mr. Jones was a Partner at EY and served as the firm’s chief accountant, leading a large and diverse team of professional colleagues in the firm’s national office.
Hillary H. Salo (Vice Chair of the FASB)
Hillary H. Salo began her term as vice chair of the Financial Accounting Standards Board (FASB) on July 1, 2024. Her first term on the Board concludes June 30, 2029, when she will be eligible to be considered for reappointment to a second term. Prior to joining the Board, Hillary spent four years on the FASB staff as technical director and chair of its Emerging Issues Task Force (EITF). Ms. Salo joined the FASB in 2020 from the New York City office of KPMG LLP, where she was a partner in the audit practice and engagement partner for a large global financial services organization. Ms. Salo also served as a professional accounting fellow in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission in Washington, DC.
Jackson M. Day (Technical Director of the FASB)
Jackson M. Day was appointed technical director of the Financial Accounting Standards Board (FASB) on July 1, 2024. In this role, he is responsible for managing the FASB’s standard-setting activities and research and technical staff. Prior to joining the FASB, Mr. Day was with Ernst & Young LLP (EY), the global accounting and professional services firm, where he was previously its chief accountant. Mr. Day has spent most of his 38-year accounting career at EY, which he initially joined in 1986 on the audit staff in St. Louis, Missouri. Mr. Day also served as the deputy chief accountant and, later, acting chief accountant, in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission in Washington, DC, from 2000 to 2003.
Tetsuya Mogi (Chairman and President of the JICPA)
Tetsuya Mogi was appointed as a partner of ShinNihon Audit Corporation (currently Ernst & Young ShinNihon LLC) in 2002 and served as a Senior Executive Managing Partner of the firm from 2016 to 2019.
At the JICPA, he became a board member (in charge of Auditing and Quality Control Standards) in 2013, and from 2019 to 2022, he served as an executive board member (in charge of General Affairs Management, Regional Chapters, Regional Revitalization and External Affairs) and Vice President of the Tokyo Chapter (special appointive). He has held his current position as Chairman and President of the JICPA since 2022.
Yasunobu Kawanishi (Chair of the ASBJ and the SSBJ)
Yasunobu Kawanishi is the Chair of the Accounting Standards Board of Japan (ASBJ) since 2022 after serving as its Vice-Chair from 2019 to 2022. He is also the inaugural Chair of the Sustainability Standards Board of Japan (SSBJ) since July 2022. He has been Chair of the International Forum of Accounting Standard Setters (IFASS) from 2019 to 2022. Prior to becoming the Vice Chair of the ASBJ, he started his career as an auditor at a firm that is currently part of KPMG AZSA LLC in Tokyo and has worked as staff of the U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) as well as the ASBJ.
About the FASB
Established in 1973, the FASB is the independent, private-sector organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB.
www.fasb.org.
About the JICPA
The Japanese Institute of Certified Public Accountants (JICPA) is the only organization for the CPA profession in Japan. The JICPA was established in 1949 as a voluntary association and became a special legal entity under the CPA Act in 1966. In April 2004, the JICPA was reorganized into a special private corporation established by legislation.
As a self-regulatory organization for the accounting profession, the JICPA operates with transparency and impartiality. The JICPA has 16 regional chapters throughout Japan, working to enhance the competency of its members and carry out activities closely tied to the regional chapters.
For more information, please visit its website at
https://jicpa.or.jp/english/.
About the 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 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 the environment in which business enterprises operate. The ASBJ also communicates with corresponding organizations abroad and contributes to the development of global accounting standards. For more information about the ASBJ, visit its website at
https://www.asb-j.jp/en/
Contact Information
Accounting Standards Board of Japan (ASBJ) Secretariat – Seminar Team
Email: asbjseminar-info@asb-j.jp