Dear national standard-setters,
Welcome to the newsletter dedicated to keeping you up to date on the activities of the IFRS Foundation.
Earlier this week, Erkki Liikanen, Chair of the IFRS Foundation Trustees, made an important announcement at the COP26 climate change summit in Glasgow. In his speech, he said that the Foundation has formed the International Sustainability Standards Board to develop—in the public interest—a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors’ information needs. The ISSB will sit alongside and work in close cooperation with the IASB, ensuring connectivity and compatibility between IFRS Accounting Standards and the ISSB’s standards—IFRS Sustainability Disclosure Standards.
After delivering his speech, Liikanen also participated in a panel discussion moderated by Clara Barby, CEO of the Impact Management Project, and also featuring Richard Samans, CDSB Chair, and Richard Sexton, Co-Chair of the Value Reporting Foundation Board. These two leading investor-focused sustainability disclosure organisations will be consolidated into the new board over the course of the next few months.
We thank the national standard-setters who participated in the World Standard-setter Virtual Conference on 27–28 September 2021. Over 140 delegates from 70 jurisdictions got an update on and discussed the IFRS Foundation’s activities, interacted with IASB members and other national standard-setters from their region and found out about the support and services available to national standard-setters, such as the translations of IFRS Standards.
Andreas Barckow, Chair of the IASB, delivered his inaugural speech, reflecting on the first three months of his tenure and discussing the IASB agenda in the coming years. He also shared his thoughts on how the IASB can collaborate more closely with national standard-setters.
You can watch a video of the speech on the conference webpage. To watch the video you will need to log into the IFRS Foundation website with your IFRS account. If you do not have a Foundation account you can create one for free.
Updates about the activities of the IFRS Foundation, IASB and IFRS Interpretations Committee—which were available before the conference—highlighted our robust engagement with stakeholders on major consultations over the last two years, with many meetings facilitated remotely by national standard-setters.
These major consultations included a request for information regarding the Third Agenda Consultation and proposals to update the Management Commentary Practice Statement, both of which were featured on panel discussions at the conference.
The IASB is now busy considering the feedback on many consultations to plan for its next steps. You can continue to engage with us by following IASB, ISSB and Committee meetings, keeping updated on the work of our consultative bodies and listening to our podcasts. All information about meetings and events is available on our calendar.
The conference also offered breakout sessions on three consultations currently open for comment:
|Consultation||Deadline for comments|
|Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach||12 January 2022|
|Request for Information Post-implementation Review of IFRS 9—Classification and Measurement||28 January 2022|
|Exposure Draft Subsidiaries without Public Accountability: Disclosures||31 January 2022|
You can find the conference slides as well as videos of project updates and plenary sessions on the conference webpage. To watch the recordings, you will need to log into the IFRS Foundation website with your IFRS account.
We are looking forward to meeting you at next year's World Standard-setters conference, which will take place on Monday 26 and Tuesday 27 September 2022 in London.
In April 2021 the IFRS Foundation launched a new IFRS Standards Navigator that is fully integrated into our website. The tool is part of the IFRS Foundation’s work to improve customer experience on the site. The new Standards Navigator replaces the legacy eIFRS website, which will be retired in December 2021.