Dear national standard-setters,
Welcome to our newsletter dedicated to keeping you up to date on the activities of the IFRS Foundation.
The World Standard-setters Conference 2023 will take place in London on 25–26 September at Hilton London Canary Wharf, South Quay, Marsh Wall, London, E14 9SH. If you are unable to attend in person, you will be able to watch the plenary sessions on the conference page.
The conference will provide national standard-setters with the opportunity to get an update on and discuss the IFRS Foundation’s activities. It will also offer interactive Q&A sessions—where you can ask presenters questions—panel discussions and networking opportunities with fellow delegates, IFRS Foundation staff and members of the IFRS Foundation’s two standard-setting boards—the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (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. The invitations have been sent to all national standard-setters. The deadline for registering to attend in person is 25 August.
In July 2023 the IASB has concluded its decision-making on two projects: Primary Financial Statements and Subsidiaries without Public Accountability: Disclosures.
The IASB expects to issue the new Accounting Standards in the first half of 2024.
The IASB has decided that the effective date of both new Accounting Standards will be for annual reporting periods beginning on or after 1 January 2027 to give companies sufficient time to implement the new requirements. Earlier application will be permitted.
In July 2023 the International Organization of Securities Commissions (IOSCO) announced that it has decided to endorse the sustainability-related financial disclosures standards, recently issued by the ISSB, IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.
IOSCO is now calling on its 130 member jurisdictions—capital markets authorities that regulate more than 95% of the world’s securities markets—to consider how they can incorporate the ISSB Standards into their respective regulatory frameworks to deliver consistency and comparability of sustainability-related disclosures worldwide.
The announcement comes at a time when a number of jurisdictions are taking steps to introduce mandatory requirements for use of the ISSB’s first two Standards, IFRS S1 and IFRS S2.
To coincide with the endorsement of IFRS S1 and IFRS S2 by IOSCO, the IFRS Foundation has published a high-level roadmap providing transparency around the IFRS Foundation and the ISSB’s strategy to support jurisdictional adoption. This document is a precursor to an Adoption Guide for regulators, which will be finalised later in 2023.
Here is a roundup of news related to the communication you would have received from the IFRS Foundation’s NSS Team in the last couple of months: