The trustees of the IFRS Foundation have appointed Takatsugu Ochi to a five-year term on the International Accounting Standards Board, reflecting an effort to include representation from outside Europe and North America.

Ochi’s term will begin on July 1, and he will effectively replace the board’s single member from Japan, Tatsumi Yamada, whose second five-year term expires on June 30. Ochi is currently assistant general manager of the financial resources management group of Sumitomo Corporation.  He is also a member of the IFRS Interpretations Committee, Secretary-General of the Nippon Keidanren (Japan Business Federation) task force for early adoption of IFRS, and an adviser to the Accounting Standards Board of Japan.  He studied Economics at Kobe University, Japan and plans to relinquish his existing roles once he joins the IASB.

“I am very pleased to join the IASB, and to work with other board members to achieve our noble goal for developing a single set of high quality global accounting standards,” Ochi said in a statement.

The IFRS Foundation trustees have also confirmed the reappointment of Philippe Danjou, to serve a second five-year term on IASB. 

Like Ochi, IASB chair-designate Hans Hoogervorst and IASB vice-chair-designate Ian Mackintosh will begin their initial terms on July 1. 

“Tak is a highly regarded member of the Japanese financial reporting community,” said the current IASB chairman Sir David Tweedie, who will be retiring at the end of June. “I’ve known him for several years in his capacity as a member of the IFRS Interpretations Committee and have worked closely with him as Japan prepares for adoption of IFRS.  I very much welcome this appointment. I am also delighted that Philippe will be continuing as a member of the board.”

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