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Dear national standard-setters,

Welcome to our newsletter dedicated to keeping you up to date on the IFRS Foundation’s activities.

In this edition

World Standard-setters Conference 2025

The World Standard-setters Conference 2025 will take place in London on 29–30 September at the Hilton London Canary Wharf, South Quay, Marsh Wall, London, E14 9SH.

The conference will provide national standard-setters with an opportunity to learn about and discuss the IFRS Foundation’s activities. Participants will be able: 

  • to attend panel discussions with standard-setters and others;
  • to ask their own questions in interactive sessions with presenters; and 
  • to network with fellow delegates, IFRS Foundation staff and members of the IASB and the ISSB.

The World Standard-setters Conference is open to all national standard-setters. The IFRS Foundation has invited two representatives from each national standard-setter to attend the conference in person.

To find out more about the agenda, visit the conference page. If you have any questions about the conference, please use the contact button below.

IASB recent highlights

Management Commentary

In June the IASB issued a revised Practice Statement on management commentary. The revised Practice Statement supports improvements to and greater global alignment in management commentary and narrative reports accompanying the financial statements.

Investors had highlighted shortcomings in current practice. In response, the IASB carried out a major overhaul of the Practice Statement to help improve the quality and focus of information provided to investors.

The IASB intends for the revised Practice Statement to serve as a global benchmark for regulators to use in updating or developing their national requirements and guidance. It would also provide a comprehensive resource for companies to help meet investors’ information needs.

In developing the revised Practice Statement, the IASB worked closely with the ISSB to help align the two boards’ respective requirements and to help companies to provide connected information across their financial reports. The IASB’s work on updating the Practice Statement also draws on innovations in narrative reporting, including the Integrated Reporting Framework.

In an explainer video, IASB Vice-Chair Linda Mezon-Hutter and ISSB Vice-Chair Sue Lloyd outline how the revised Practice Statement helps companies bring together financial statements with sustainability-related information for the benefit of investors.

Post-implementation Review of IFRS 16 Leases

In June the IASB published a Request for Information (RFI) as part of its Post-implementation Review of IFRS 16 Leases. IFRS 16 aimed to improve information that companies provide about their lease arrangements to investors and other users of financial statements. The Standard was issued in January 2016 and came into effect in January 2019.

Post-implementation Reviews are a vital part of the IASB’s due process. The IASB conducts a review a few years after a Standard has been implemented to assess its real-world effects.

This review will evaluate whether IFRS 16 is broadly working as intended for investors, companies, auditors and regulators. The RFI is open for comment until 15 October 2025.

Submit a comment letter

ISSB recent highlights

New resources on regulatory adoption of IFRS Sustainability Disclosure Standards

Jurisdictional profiles

In June the IFRS Foundation published an initial set of 17 jurisdictional profiles that evidence the high degree of alignment with IFRS Sustainability Disclosure Standards. Publishing these profiles represents a critical step in providing transparency about progress in achieving a global baseline of sustainability disclosures for capital markets.

Profiles are published when a jurisdiction’s approach to sustainability reporting is finalised and no longer subject to consultation. That is, when the jurisdiction has formally announced or finalised its decisions on the adoption or other use of IFRS Sustainability Disclosure Standards or has otherwise introduced sustainability-related disclosure requirements—including making decisions about which entities are subject to the requirements.

The profiles are complemented with the publication of 16 snapshots that provide an overview of other jurisdictions’ regulatory approaches that are still subject to finalisation.

Of the 17 jurisdictions profiled, 14 have set a target of ‘fully adopting’ IFRS Sustainability Disclosure Standards, two have set a target of ‘adopting the climate requirements’ of the Standards and one targets ‘partially incorporating’ the Standards.

Of the 16 jurisdictional snapshots published, 12 jurisdictions propose or have published standards (or requirements) that are fully aligned with IFRS Sustainability Disclosure Standards or designed to deliver outcomes functionally aligned with those resulting from the application of IFRS Sustainability Disclosure Standards. Three jurisdictions propose standards (or requirements) that incorporate a significant portion of the disclosures required by IFRS Sustainability Disclosure Standards. And one jurisdiction is considering permitting the use of the Standards.

Roadmap Development Tool

The IFRS Foundation launched a key pillar of its Regulatory Implementation Programme—the Jurisdictional Roadmap Development Tool—at an IFRS Foundation Implementation Partners Workshop held in London in March. The Roadmap Development Tool is part of the ISSB’s commitment to supporting jurisdictions as they advance their approaches towards the adoption or other use of IFRS Sustainability Disclosure Standards.

The roadmap development tool’s objective is to help jurisdictions navigate the main considerations and decision points likely to arise as they develop a detailed project plan for adopting or otherwise using IFRS Sustainability Disclosure Standards—often referred to as a roadmap. 

The roadmap development tool and the accompanying reference roadmap templates will support regulators and other relevant authorities as they work through the policy considerations and key steps of:

  • planning and designing their roadmap for the adoption or other use of IFRS Sustainability Disclosure Standards; and
  • assessing the implications of alternative decisions and approaches. 

Enhancing the SASB Standards

In July the ISSB published two exposure drafts proposing amendments to the SASB Standards and consequential amendments to the Industry-based Guidance on Implementing IFRS S2.

The proposed amendments:

  • present a comprehensive review of nine industries that were prioritised (all eight industries in the Extractives & Minerals Processing sector and the Processed Foods industry);
  • align some metrics in a further 41 industries for topics such as Water Management and Workforce Health & Safety; and
  • propose updates to the Industry-based Guidance on Implementing IFRS S2 (affecting the nine prioritised industries and 37 of the other 41 industries) to maintain alignment with climate-related content in the SASB Standards.

The ISSB included these enhancements in its 2024–2026 work plan to provide timely support to companies applying IFRS Sustainability Disclosure Standards and to enhance the decision-usefulness of information provided to investors.

The Exposure Draft will be open for comment for 150 days, with the comment period closing on 30 November 2025.

News for national standard-setters

IFRS Foundation updates

  • The IFRS Foundation Conference 2025 took place on 23 and 24 June, drawing more than 500 in-person and virtual delegates from 69 jurisdictions. With the theme ‘Knowledge in Practice’, the conference explored how standard-setting, stakeholder perspectives and real-world application together contribute to high-quality and globally comparable financial and sustainability reporting. Delegates heard directly from members of the IASB, the ISSB and technical staff as they presented their latest projects and exchanged views with industry experts. The IFRS Foundation would like to thank all delegates, speakers and partners for their participation and contributions to this year’s event.
  • In June the IFRS Foundation Trustees appointed three new members of the IFRS Interpretations Committee. The Committee works with the IASB to foster consistent application of IFRS Accounting Standards and consists of 14 members from around the world. Members have extensive global experience and technical expertise in the practical application of IFRS Accounting Standards. It is chaired by IASB member Bruce Mackenzie.
  • The IFRS Foundation Trustees, responsible for strategy and oversight of the Foundation and its two standard-setting boards, met in Milan on 3–5 June 2025. Among the topics discussed, the Trustees reviewed progress of the ongoing transformation programme to ensure the Foundation remains fit for the future and is prepared for the next stage in its evolution.
  • In April the Trustees of the IFRS Foundation published the annual report and audited financial statements for the year ended 31 December 2024. The report highlights the Foundation’s vital role in bringing transparency, accountability and efficiency to capital markets around the world. It also underscores the importance of stakeholder engagement and collaboration in developing reporting standards that result in decision-useful information for investors, are cost-effective for companies and are enforceable by regulators worldwide.
  • In March the IFRS Foundation held its annual Integrated Thinking and Reporting Conference in Tokyo, Japan. The event offered the opportunity for IFRS Foundation leadership and international stakeholders to share insights and practical resources to support the adoption of integrated thinking, integrated reporting, IFRS Accounting Standards and IFRS Sustainability Disclosure Standards.

Accounting updates

  • In July the IFRS Foundation published near-final examples demonstrating how companies can improve the reporting of uncertainties in their financial statements. The examples use climate-related examples as practical illustrations. This early publication is intended to support timely and informed application. The IASB developed these examples in response to stakeholder feedback about insufficient information about uncertainties, particularly climate-related uncertainties, and apparent inconsistencies in the information a company provides. The IASB worked with the ISSB to ensure that these examples work well with the ISSB’s sustainability-related disclosure requirements. The IASB expects to issue the final examples in October 2025.
  • In May the IFRS Foundation published its 12th Compilation of Agenda Decisions by the IFRS Interpretations Committee, covering the period from November 2024 to April 2025.
  • In May the IFRS Foundation published an updated version of its educational material to support the consistent application of IFRS Accounting Standards related to going concern assessments. Originally published in 2021, the educational material has been updated to reflect recent developments—most notably, the IASB’s issuance of IFRS 18 Presentation and Disclosure in Financial Statements.
  • Following the IASB issuing the third edition of the IFRS for SMEs Accounting Standard, the IFRS Foundation is publishing new educational materials to support implementation of the Standard.

    In our last edition of the NSS Newsletter we noted the IASB published a project summary and feedback statement and effects analysis alongside the third edition of the Standard and had published a version of the Standard showing changes since the second edition (the mark-up educational material). Since then, the IFRS Foundation has published updated educational modules that support anyone learning about or applying the Standard. The modules supporting the following Sections of the Standard are now available: 

Alongside the modules is a webcast series that introduces some of the modules, explaining key changes to the Standard.

Finally, the quarterly IFRS for SMEs Accounting Standard Update and the IFRS for SMEs Accounting Standard podcasts are also available. The Update summarises news, events and other information related to the Standard. The podcasts offer bite-sized insights to support implementation.

  • New IFRS Accounting translations are now available—Albanian, French, Japanese, Korean, Spanish and Tajik. In March the IFRS Foundation published new translations of IFRS Accounting Standards, agenda decisions and exposure drafts.
  • The Accounting Standards Advisory Forum (ASAF) met in London in May and July 2025. ASAF members discussed several projects on the IASB’s work plan and other related issues. You can watch the meeting recordings on the ASAF meetings page.
  • The Emerging Economies Group (EEG) met online in May 2025. EEG members discussed the IASB’s standard-setting projects and current accounting issues in their jurisdictions. You can watch the meeting recording on the EEG meetings page.
  • The IASB invites you to take part in a short audience survey so that we can understand how our podcasts are being used and how they can be improved. The survey is open to current listeners, occasional listeners and those who do not currently engage with the IASB podcasts. All survey responses are confidential and will be used solely for podcast development analysis. Survey participants are invited to enter an optional prize draw to win one print copy of the IFRS Accounting Standards bound volume publication, IFRS® Accounting Standards—Required 1 January 2025. The survey is open until 15 August 2025.

Sustainability updates

  • In March the IFRS Foundation held a virtual stakeholder event on disclosures about transition plans. Similar to the sessions held on 25 February 2025, this event was organised to obtain information from stakeholders to inform the ISSB work to tailor the Transition Plan Taskforce materials.
  • In April the ISSB published an Exposure Draft proposing targeted amendments to IFRS S2 in response to application challenges related to the Standard’s disclosure requirements for greenhouse gas emissions. The consultation closed on 27 June, and the preliminary feedback was discussed at the July ISSB meeting.
  • The Sustainability Standards Advisory Forum (SSAF) met in May and discussed the ISSB’s current standard-setting and research projects. The SSAF also discussed efforts to support implementation of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures through the publication of education materials.
  • In June the IFRS Foundation held the Beijing International Sustainability Conference 2025. The conference focused on the theme ‘Implementing Global Baseline: Building Compatible Sustainability Disclosure Infrastructure’, discussing best practices and the role of IFRS Sustainability Disclosure Standards in making companies’ sustainability disclosures globally consistent and comparable. The conference had 250 in-person attendees and nearly 13 million online views.
  • In June the IFRS Foundation published a new guidance document Disclosing information about an entity’s climate-related transition, including information about transition plans, in accordance with IFRS S2 as part of its commitment to support the implementation of IFRS Sustainability Disclosure Standards. The document builds on disclosure-specific material developed by the Transition Plan Taskforce, for which the IFRS Foundation took responsibility in 2024.
  • In June the Global Sustainability Standards Board (GSSB) granted equivalence to IFRS S2 for entities preparing disclosures of greenhouse gas emissions under GRI 102, the new climate standard issued by the GSSB. This equivalence will enable companies to prepare just one set of greenhouse gas emissions disclosures in accordance with IFRS S2, to meet the requirements in both standards. Beyond those requirements, the two standards can be used together—assisting preparers in efficiently providing information to investors and a broader range of stakeholders about companies’ climate-related impacts, risks and opportunities.
  • A June meeting of the ISSB Investor Advisory Group gave the ISSB an opportunity to update the group’s members on ISSB projects and to hear investor feedback. The meeting also included an optional roundtable on the proposed amendments to IFRS S2.
  • In July the ISSB held its second Sustainability Standards Conference, together with the Accounting Standards Committee of Germany, Goethe University Frankfurt and the Leibniz Institute for Financial Research SAFE. The conference focused on the implementation and further development of IFRS Sustainability Disclosure Standards. Bringing together perspectives from academia, regulation and practice, the conference provided a platform for cross-disciplinary exchange on current challenges in sustainability reporting. The topics covered included applying the ISSB’s global baseline in practice and current trends in disclosing biodiversity and human capital information.
  • New IFRS Sustainability translations are now available—translations published through March are summarised in the translation newsletter. Additionally, the Foundation has published a Korean translation of two pieces of educational material:
  • The IFRS Foundation will hold this year’s annual IFRS Sustainability Symposium on 30 October 2025 at Convene Sancroft, St. Paul’s, London. Under the theme ‘Pathways to Adoption’, the 2025 event will explore the implementation of sustainability disclosure standards. Registration is open for both virtual and in-person participants. National standard-setters are entitled to a 20% discount on tickets. Please contact our events team for more information.

Consultations open for comment

Open for comment consultations and Tentative Agenda Decisions can be found in our open for comment section.

Accounting consultations

The IASB published for public comment a Request for Information as part of its Post-implementation Review of IFRS 16 Leases. Comments will be accepted until 15 October 2025.

Sustainability consultations

The ISSB published for public comment an Exposure Draft Proposed Amendments to the SASB Standards and a related Exposure Draft Proposed Amendments to the Industry-based Guidance on Implementing IFRS S2. Comments will be accepted until 30 November 2025.

If you have any questions regarding the cooperation of the IFRS Foundation with national standard-setters, please contact Elena Kostina, IASB Technical Staff, via the Contact button.