The International Financial Reporting Standards (IFRS) Foundation has renewed its memorandum of understanding (MoU) with the Chinese Ministry of Finance.
This move ensures that the International Sustainability Standards Board (ISSB) will continue operating its office in Beijing.
This ISSB Beijing office, which opened in 2023, helps facilitate knowledge exchange, cooperation and capacity building in China and other developing or emerging markets.
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The revised MoU was formalised during a recent visit to Beijing by IFRS Foundation chair of the trustees Erkki Liikanen, part of a week-long visit to Asia.
Besides the updated MoU, Minwen Zhang has been named director of the ISSB’s Beijing office. Zhang will also serve as special advisor to the ISSB chair.
Zhang’s background includes leadership in international economic and financial initiatives.
She previously led China at Asia-Pacific Economic Cooperation and Association of Southeast Asian Nations forums for the Ministry of Finance, and worked for organisations including the World Bank Group in Washington, DC, and the Asian Development Bank in Manila.
Liikanen said: “Our Beijing office has been effective in building capacity for ISSB Standards across China, as well as supporting our engagement within the world’s second-largest economy.
“The updated MoU ensures we can continue this important work into the future, organised by Minwen Zhang as our new office director. I would also like to thank our previous office director Zhengwei Zhang for his excellent contribution to our work over the last few years.”
Meanwhile, Joong-Kyung Choi and Yaprak Baltacioglu have joined the IFRS Foundation as trustees.
Joong-Kyung Choi previously served as South Korean Minister of Trade, Industry & Energy, First Vice-Minister of Finance and Economy, and as Chief Economic Policy advisor to former President MB Lee.
Yaprak Baltacioglu has experience in national policy development and governance. She is currently an independent director at Deloitte Canada and Chile, and director at MDA Space and CSA Group.
In November, IFRS Foundation announced the publication of supporting materials for the IFRS for SMEs Accounting Standard for small and medium-sized enterprises around the world.
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