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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

Upcoming 2026 World Standard-setters Conference

The 2026 World Standard-setters (WSS) Conference will take place in London on 28–29 September at the Hilton London Canary Wharf, South Quay, Marsh Wall, London, E14 9SH.

The conference will provide national standard-setters with the opportunity to receive an update on activities at the IFRS Foundation (Foundation) and participate in discussions on those activities. Participants will be able to attend panel discussions with standard-setters and others, ask questions in interactive sessions with presenters and network with fellow delegates, Foundation staff and members of the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB).

The WSS Conference is open to all national standard-setters. The 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.

Explore previous conferences on our Resources for national standard-setters page.

IASB recent highlights

IFRS 20 Regulatory Assets and Regulatory Liabilities

In May the IASB issued IFRS 20 Regulatory Assets and Regulatory Liabilities, a new Accounting Standard for companies subject to a specific type of rate regulation. IFRS 20 aims to help investors better understand how that rate regulation affects a company’s financial performance, financial position and its prospects for future cash flows.

The Standard will affect companies subject to rate regulation that determines how much a company can charge customers and when it can charge them. Companies that supply vital services such as electricity, water and gas are often subject to this type of regulation.

If there is a difference between when a company supplies regulatory goods and services and when it charges customers for those goods and services, reported revenue may not fully reflect the company’s performance in a period. IFRS 20 calls this a ‘difference in timing’. The new Standard requires companies to account for the effects of differences in timing in their financial statements.

IFRS 20 is also expected to reduce diversity in accounting practices and improve comparability between companies in regulated industries.

IFRS 20 is effective for annual reporting periods beginning on or after 1 January 2029. Companies may choose to apply the Standard earlier. IFRS 20 supplements the information a company provides when applying IFRS 15 Revenue from Contracts with Customers and replaces IFRS 14 Regulatory Deferral Accounts.

For a one-page summary of IFRS 20, read IFRS 20 at a glance. For a more detailed review of the requirements, watch the IFRS 20 overview webcast (12 minutes). IASB Vice-Chair Linda Mezon-Hutter looks at how companies can prepare for IFRS 20 Regulatory Assets and Regulatory Liabilities in the IFRS 20 implementation webcast (2 minutes).

IFRS for SMEs Accounting Standard—Consolidation Exception

In May the IASB published an Exposure Draft proposing narrow-scope amendments to the IFRS for SMEs Accounting Standard. The proposal would introduce a consolidation exception for intermediate parents that have a parent or ultimate parent that is an investment entity and that does produces separate financial statements in which the subsidiary is measured at fair value through profit or loss.

The SME Implementation Group (SMEIG) received an application question on whether the exception in full IFRS Accounting Standards was available to entities applying the IFRS for SMEs Accounting Standard. The SMEIG recommended the IASB amended the Standard before its effective date. The proposed change aims to provide eligible SMEs with the same cost savings available to similar entities under full IFRS Accounting Standards.

The consultation is open for comment until 9 September 2026. If approved, the amendments will become effective for periods beginning on or after 1 January 2027. This timeline aligns with the effective date of the third edition of the IFRS for SMEs Accounting Standard. Earlier application will be permitted for entities that apply this edition early.

Submit a comment letter

Amendments clarifying the fair value option in IAS 28

In June the IASB issued targeted amendments to clarify which investments in associates and joint ventures a company is eligible to measure using the fair value option in IAS 28 Investments in Associates and Joint Ventures.

As companies prepare to implement IFRS 18 Presentation and Disclosure in Financial Statements, stakeholders have reported diverse interpretations of how its new requirements interact with the fair value option in IAS 28. This issue has direct consequences for how income and expenses are classified in the statement of profit or loss. The IASB acted swiftly to bring consistency ahead of the effective date of IFRS 18.

The amendments are deliberately narrow in scope to address the specific concerns identified by stakeholders, without disrupting practice or creating unintended consequences elsewhere in IFRS Accounting Standards.

The amendments take effect when a company first applies IFRS 18.

ISSB recent highlights

Inaugural annual plenary meeting of the ISSB Jurisdictional Adopters Working Group

Members of the ISSB's Jurisdictional Adopters Working Group (JAWG) met in London in July to discuss strategic regulatory considerations for the use of ISSB Standards, which are now being adopted or used in 40+ jurisdictions around the world. Highlights from the meeting:

  • Jurisdictions discussed ways to support efficient, consistent and high-quality disclosures by companies operating across borders to improve global comparability for investors.
  • A roundtable of jurisdictional authorities, companies, investors and assurance providers discussed opportunities and challenges for multinational companies as sustainability-related disclosure requirements come into effect around the world.
  • Jurisdictions reflected on the potential for ISSB passporting to reduce fragmentation in cross-border reporting. ISSB Passporting refers to an option granted by jurisdictional regulators allowing foreign entities to use ISSB Standards as ‘issued by the ISSB’ to meet domestic requirements.

JAWG members decided to set up a dedicated platform for deeper dialogue about practical and operational aspects of ISSB Passporting.

Supporting implementation of IFRS S1 and IFRS S2

The Transition Implementation Group (TIG)

The Transition Implementation Group on IFRS S1 and IFRS S2 (TIG) met in July 2026 to discuss a question on climate-related targets. The question sought clarification regarding the scope of IFRS S2 disclosures on climate-related targets—specifically the types of targets covered, how broadly ‘target’ should be interpreted, and whether formal governance approval is required for the target. The agenda and meeting papers are available on the July 2026 TIG meeting page.

Global ISSB Training Partner Programme

The IFRS Foundation launched the ISSB Training Partner Programme which is intended to enable qualified organisations to deliver official training on applying ISSB Standards.

The Training Partner Programme is open to selected organisations that will be authorised and supported to deliver approved training content using IFRS Foundation-developed materials. The Foundation has recruited an initial cohort of ISSB Training Partners for the launch and is now inviting applications from further training organisations around the world to join the programme. 

Through this programme, the Foundation is launching ISSB Disclosure Training, a new practical course designed to help companies understand and apply ISSB Standards, which will be delivered by ISSB Training Partners. 

With more than 40 jurisdictions in the process of adopting or otherwise using ISSB Standards, there is strong demand for training to support companies in applying the requirements. The training course is designed to meet this demand.

ISSB Disclosure Training is aimed at preparers of sustainability-related financial disclosures—including sustainability, finance and reporting professionals—and their advisers. The bespoke learning materials are drawn directly from ISSB Standards and related materials. 

SASB enhancement project

Phase 1

In March 2026, the ISSB published the Exposure Draft Proposed Amendments to the SASB Standards and IFRS S2 Industry-based Guidance. This Exposure Draft proposes amendments to the last three (of 12) SASB Standards prioritised by the ISSB for enhancement in Phase 1:

  • Agricultural Products;
  • Meat, Poultry & Dairy; and
  • Electric Utilities & Power Generators.

The Exposure Draft was open for comment until 24 July 2026.

The Board met in May 2026 to consider stakeholder feedback on two Exposure Drafts published in July 2025 that respectively proposed amendments to the SASB Standards and to the Industry-based Guidance on Implementing IFRS S2. These Exposure Drafts propose amendments related to the first nine (of 12) Standards prioritised by the ISSB for enhancement in Phase 1:

  • all eight Standards in the Extractives & Minerals Processing sector:
    • Coal Operations;
    • Construction Materials;
    • Iron & Steel Producers;
    • Metals & Mining;
    • Oil & Gas—Exploration & Production;
    • Oil & Gas—Midstream;
    • Oil & Gas—Refining & Marketing;
    • Oil & Gas—Services; and
  • the Processed Foods Standard in the Food & Beverage sector.

Phase 2

The priorities for the next phase of SASB enhancements, focusing on broader improvements to industry-specific standards, particularly in the Technology & Communications sector, were discussed in the ISSB Board meeting in July.

IFRS Sustainability Practice Statement on Nature-related Disclosures

The ISSB during its April meeting in Beijing agreed to propose requirements for nature-related disclosures in the form of an IFRS Sustainability Practice Statement.

The ISSB Standards already require companies to provide material information about all sustainability-related risks and opportunities, including nature-related risks and opportunities, that could reasonably be expected to affect a company’s prospects.

The Practice Statement would complement IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, without changing the requirements in those Standards. When a company needs to provide information about nature-related risks and opportunities in accordance with IFRS S1, the Practice Statement would explain how to provide it. The ISSB has chosen the form of a practice statement in order to minimise disruption, which is particularly important because companies and jurisdictions are in the process of adopting and implementing the ISSB Standards.

The decision follows the ISSB’s work to specify aspects of material information on nature-related risks and opportunities for companies to disclose, drawing on the Taskforce on Nature-related Financial Disclosures (TNFD) framework.

The ISSB aims to publish an exposure draft for public comment in October 2026, giving stakeholders the opportunity to provide feedback on the proposed requirements, including on whether an IFRS Practice Statement is the right form of standard-setting for nature-related disclosures.

Applying the Practice Statement would have the full effect of an ISSB Standard for companies applying it. The Practice Statement would also provide the ISSB with a pathway to a standard-based outcome in the future.

News for national standard-setters

IFRS Foundation updates

  • In August the Trustees of the IFRS Foundation announced the appointments of Steven Maijoor as the next Chair of the Trustees and Sam Woods as Chair of the IASB. Read the full announcement.
  • In July the Trustees of the IFRS Foundation announced the appointment of Laura Forzani as Managing Director of the IFRS Foundation, effective 1 September 2026. Ms Forzani succeeds Michel Madelain, who during his two-year term as Managing Director led a substantial transformation programme to enhance the efficiency and effectiveness of the Foundation’s activities and operations.
  • In April the IFRS Foundation published its annual report and audited financial statements for the year ended 31 December 2025, setting out its financial results, its progress in delivering its public‑interest mission and the steps it has taken to ensure the organisation is fit for the future. The report highlights continued progress in the work of the IASB and the ISSB. It also outlines the Foundation’s priorities for 2026.
  • In April the IFRS Foundation Trustees revised the Due Process Handbook, which sets out the required steps for the IASB and the ISSB in developing and maintaining Standards and supporting their consistent application. The Handbook has been updated predominantly to reflect the creation of the ISSB. It also incorporates feedback from stakeholders, who expressed support for the proposed revisions during the public consultation on updating the Handbook.
  • Marking the Foundation’s 25th anniversary, the annual IFRS Foundation Conference took place in London on 29–30 June and brought together more than 500 companies, investors, consultants, regulators and standard-setters from close to 80 jurisdictions—in person and online. The two-day event gave delegates an update on the latest projects and progress from the IASB and the ISSB and insights from prominent guest speakers. Read four key themes from the conference.

Accounting updates

Eleven webcasts are available, these complement the educational modules, which are designed to help entities applying the Standard.

Finally, quarterly newsletters and a podcast series dedicated to the Standard are also available. The newsletter summarises news, events and other information related to the Standard. The podcasts offer bite-sized insights to support implementation.

  • The IFRS Foundation Trustees are inviting applications for membership of the SME Implementation Group (SMEIG). The Trustees are particularly interested in candidates from Asia and/or candidates who use the financial statements of SMEs, including investors and lenders. The SMEIG supports implementation of the IFRS for SMEs Accounting Standard and advises the IASB on related matters. The closing date for applications is 28 September 2026. Read the full SMEIG member role description and apply via our job board. 
  • The Accounting Standards Advisory Forum (ASAF) met in London in March and July 2026. ASAF members discussed several projects on the IASB’s work plan and related issues. You can watch the meeting recordings from the meetings tab of the ASAF group page.
  • The Emerging Economies Group (EEG) meeting took place on 8–9 June 2026 in Buenos Aires, Argentina. EEG members discussed the IASB’s standard-setting projects and current accounting issues in their jurisdictions. You can watch the recording on the June 2026 EEG meeting page.
  • In May the IASB extended the comment period on its Exposure Draft Risk Mitigation Accounting—Proposed amendments to IFRS 9 and IFRS 7 to 30 November 2026. The extension aligns the deadline for comment letters with the deadline for the submission of fieldwork results. The IASB’s decision responded to stakeholder feedback that more time was required to fully consider the technical and operational aspects of the proposals.
  • In May the IFRS Foundation published the 14th Compilation of Agenda Decisions by the IFRS Interpretations Committee, covering the period from November 2025 to April 2026. Agenda decisions are integral to the consistent application of IFRS Accounting Standards. This Compilation includes eight new agenda decisions and updates to six previously published agenda decisions.

Sustainability updates

  • The IFRS Foundation and GRI issued a joint statement in May 2026 reaffirming a commitment to complementary disclosures. The statement explains how the standards set by the GRI’s Global Sustainability Standards Board (GSSB) and those set by the ISSB can be used together by reporting companies and information users. The statement describes the common disclosures that the GSSB and ISSB have been working to align and explains how information provided in accordance with the two sets of standards can be complementary, while meeting distinct purposes. The statement also highlights areas where the two organisations are working together to support efficient reporting.
  • The Sustainability Standards Advisory Forum (SSAF) met in May 2026 in person in Frankfurt. Topics discussed included activities to support implementation of IFRS S1 and IFRS S2, as well as updates on the GHG Protocol, Phase 1 of enhancing SASB Standards and the Nature-related Disclosures project. The meeting agenda and papers are accessible on the May 2026 SSAF meeting page.

Consultations open for comment

Consultations and tentative Agenda Decisions (of the IFRS Interpretations Committee) that are open for comment can be found on our open for comment page.

Accounting consultations

  • The IASB published for public comment the Exposure Draft proposing narrow-scope amendments to the IFRS for SMEs Accounting Standard. The proposal introduces a consolidation exception for intermediate parents that have a parent or ultimate parent that is an investment entity and that does not produce consolidated financial statements. Comments will be accepted until 9 September 2026.
  • The IASB published for public comment the Exposure Draft Risk Mitigation Accounting—Proposed amendments to IFRS 9 and IFRS 7, which proposes amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. Comments will be accepted until 30 November 2026.

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