The IFRS Foundation Conference 2024, held on 24 and 25 June, brought together over 400 delegates from more than 60 jurisdictions. The event showcased the latest developments from the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB), along with insights from industry experts.

The IFRS Foundation thanked all delegates and speakers for their participation and contributions.

Keynote Addresses

IASB Chair Andreas Barckow In his keynote speech, Andreas Barckow, Chair of the IASB, addressed the challenges of complexity in the modern business environment and its impact on financial reporting. He highlighted that complexity can hinder companies from effectively communicating their story to investors and can obstruct investors’ understanding and use of financial information.

Barckow outlined six areas where the IASB is working to navigate complexity and urged stakeholders to engage in dialogue with the IASB to collectively tackle these challenges and improve financial reporting in the public interest. [Watch or read Andreas’ full speech.]

ISSB Chair Emmanuel Faber Emmanuel Faber, Chair of the ISSB, updated attendees on the board’s progress since issuing the inaugural Standards IFRS S1 and IFRS S2 in 2023. His speech focused on delivery, achievement, and responsibility in the ISSB’s work.

Faber reported on:

• Progress in adopting the IFRS Sustainability Disclosure Standards, including the publication of the Inaugural Jurisdictional Guide.
• Interoperability guidance developed by the ISSB to help companies navigate between these Standards and the European Sustainability Reporting Standards.
• Strategic relationships aiming to harmonise the sustainability disclosure landscape and strengthen the global baseline.
• The ISSB’s future focus as it embarks on its next two-year work plan. [Watch Emmanuel’s full speech.]

Carine Smith Ihenacho on Responsible Investment Carine Smith Ihenacho, Chief Governance and Compliance Officer at Norges Bank Investment Management, discussed the evolution of responsible investing and the ISSB’s role. She emphasised the need for harmonised and globally comparable standards to support investor decision-making.

Ihenacho praised the ISSB’s efforts to reduce the ‘alphabet soup’ of sustainability-related reporting, benefiting both investors and companies. She also highlighted the importance of connecting financial and sustainability reporting to understand a company’s long-term value creation.

IASB–ISSB Update

IASB Vice-Chair Linda Mezon-Hutter and ISSB Vice-Chair Sue Lloyd provided an update on the boards’ current projects and future priorities. They shared examples of how connectivity between the two boards is being achieved and its practical consequences for stakeholders.

Topics discussed included:

• New significant IFRS Accounting Standards—IFRS 18 Presentation and Disclosure in Financial Statements and IFRS 19 Subsidiaries without Public Accountability: Disclosures.
• The IASB’s project on Climate-related and Other Uncertainties in Financial Statements, addressing concerns about the inconsistent reporting of climate-related risks.
• Development of materials to support the implementation and consistent application of new Standards from the IASB and ISSB.
• The ISSB’s priorities for 2024 and the next two-year work plan.
• Connections between the work of the IASB and the ISSB.

Panel Discussion on IFRS 18

The second day began with a panel discussion on IFRS 18. IASB technical staff provided an overview of the Standard, and delegates heard perspectives from panellists on their companies’ preparations for implementing IFRS 18.

Insights included how IFRS 18 will enhance comparability and structure in reporting operating profits and management-defined performance measures (MPMs), leading to better information and communication for investors.

Breakout Sessions

Delegates attended breakout sessions on various topics such as financial instruments, the consistent application of IFRS Accounting Standards, the IASB’s project on Business Combinations—Disclosures, Goodwill and Impairment, the adoption strategy for the IFRS Sustainability Disclosure Standards, integrated reporting, and the ISSB’s work plan. These sessions provided updates on the boards’ current work and included Q&A sessions with technical staff and board members.

Q&A

The conference concluded with an interactive Q&A session featuring Andreas Barckow, Linda Mezon-Hutter, and ISSB Members Richard Barker and Veronika Pountcheva, chaired by IASB Executive Technical Director Nili Shah. Delegates had their questions answered on topics including recently issued Standards from the IASB, the ISSB’s upcoming work plan, and the connectivity between the two boards.

Info derived from IFRS