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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

Thank you to those who attended this year’s World Standard-setters Conference 2025 in London on 29–30 September. We’re grateful for your participation and engagement with the work of the Foundation and its two boards. It was great to connect and exchange views with more than 150 delegates and observers from 71 jurisdictions. We value your continued support and active contribution to our work. The recordings and presentations from the plenary sessions are now available on the World Standard‑setters Conference 2025 webpage.

Inside the Foundation

IFRS Foundation Managing Director Michel Madelain kicked off the conference with an update on the Foundation’s efforts to ensure that it has the appropriate resources, governance and operational processes to deliver its mission.

International Accounting Standards Board (IASB) Vice-Chair Linda Mezon-Hutter and IASB Executive Technical Director Nili Shah gave an update on the IASB’s recent activities.

International Sustainability Standards Board (ISSB) Vice-Chair Sue Lloyd and ISSB Executive Technical Director Bryan Esterly gave an update on the ISSB’s recent activities.

Plenary session—What IFRS 19 and the IFRS for SMEs Accounting Standard mean for global reporting

IASB member Bruce Mackenzie and IASB technical staff explored in this session how the third edition of the IFRS for SMEs Accounting Standard and IFRS 19 Subsidiaries without Public Accountability: Disclosures respond to global financial reporting needs. Participants learned about the benefits of both Standards for the financial reporting ecosystem.

Panel discussion—Implementation of IFRS 18 Presentation and Disclosure in Financial Statements

IASB member Patrina Buchanan moderated a panel discussion with national standard-setters from Africa, Asia-Oceania, Europe and Latin America, who shared experiences from around the world regarding the expected effects of implementing IFRS 18.

Breakout sessions

The conference included breakout sessions on:

For an overview of the breakout sessions, watch Welcome back—Report back from breakout sessions on Day 1, which is available on the World Standard‑setters Conference 2025 webpage.

Other topics

In three optional early bird breakout sessions, participants had an opportunity to learn about:

The conference proved to be an excellent platform for networking and exchanging insights on corporate reporting. Our ongoing collaboration with national standard-setters is instrumental in identifying key challenges, shaping our globally recognised Standards and ensuring stakeholder perspectives are well represented. The Foundation looks forward to reconnecting with national standard-setters at the next World Standard-setters Conference in September 2026.

IASB recent highlights

Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures

In August the IASB issued amendments to IFRS 19, completing its planned catch-up work on the Standard.

IFRS 19, issued in May 2024, allows eligible subsidiaries to apply IFRS Accounting Standards with reduced disclosures. Previously, IFRS 19 included reduced disclosure requirements for other Standards or amendments issued up to February 2021. The newly issued amendments to IFRS 19 help eligible subsidiaries by reducing disclosure requirements for Standards and amendments issued between February 2021 and May 2024, specifically:

  • IFRS 18 Presentation and Disclosure in Financial Statements;
  • Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7);
  • International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12);
  • Lack of Exchangeability (Amendments to IAS 21); and
  • Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7).

With these amendments, IFRS 19 reflects the changes to IFRS Accounting Standards that take effect up to 1 January 2027, when IFRS 19 will be applicable.

In future, IFRS 19 will be amended at the same time as the IASB issues or revises other IFRS Accounting Standards.

ISSB recent highlights

Amendments to Greenhouse Gas Emissions Disclosures (Amendments to IFRS S2)

The ISSB met on 25 September 2025 to continue discussing the feedback on the Exposure Draft Amendments to Greenhouse Gas Emissions Disclosures. The Exposure Draft proposed targeted amendments to IFRS S2 Climate-related Disclosures in response to application challenges related to greenhouse gas emissions requirements.

The ISSB discussed and made decisions on:

  • the proposed amendments related to the measurement and disclosure of Scope 3 Category 15 greenhouse gas emissions;
  • the proposed amendments related to the use of the Global Industry Classification Standard (GICS) in applying requirements related to financed emissions;
  • the proposed amendments related to the jurisdictional relief from using the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004) and the applicability of that relief to the use of global warming potential values based on a 100-year time horizon from the latest Intergovernmental Panel on Climate Change assessment available at the reporting date;
  • the proposed effective date and transition requirements for the targeted amendments; and
  • the due process steps to begin the process for balloting the targeted amendments.

A summary of all the ISSB’s decisions is available in the September 2025 ISSB Update.

The ISSB agreed to begin the process for balloting the targeted amendments to IFRS S2 without re-exposure and plans to issue the amendments by the end of 2025.

New material about disclosures on anticipated financial effects

The Foundation has published new material on how to prepare disclosures on anticipated financial effects by applying IFRS Sustainability Disclosure Standards, comprising:

  • education material on Disclosing information about anticipated financial effects applying ISSB Standards, which focuses on disclosing information about the anticipated financial effects of climate-related risks and opportunities. This document was developed in response to stakeholder feedback that educational material on how to apply the relevant requirements in IFRS Sustainability Disclosure Standards would help companies to make these disclosures.
  • an article by ISSB member Jenny Bofinger-Schuster, which discusses the disclosure requirements in IFRS Sustainability Disclosure Standards related to the anticipated financial effects of sustainability-related risks and opportunities and their interoperability with the corresponding disclosure requirements in the European Sustainability Reporting Standards.

New material about exposure drafts to enhance the SASB Standards

The comment period for two exposure drafts proposing amendments to the SASB Standards and consequential amendments to the Industry-based Guidance on Implementing IFRS S2 is open until 30 November 2025.

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 to maintain alignment with climate-related content in the SASB Standards.

The Foundation has published a webinar on the proposed amendments to the SASB Standards and a video series featuring ISSB staff that highlights the main elements of the proposals.

News for national standard-setters

IFRS Foundation updates

  • In August the Trustees of the IFRS Foundation appointed Yu Chen as a member of the IASB, effective 1 January 2026.
    Dr Chen joins the IASB from the Chinese Ministry of Finance, where she most recently served as the Deputy Director-General of the China Accounting Standards Committee, leading the team researching IFRS Accounting Standards and IFRS Sustainability Disclosure Standards and proposing technical recommendations. She is appointed for a five-year term. Dr Chen’s appointment follows the departure of Ann Tarca, whose second term as an IASB member ended on 30 June, and Jianqiao Lu, whose second term ended on 31 August.
  • In September Hans-Ulrich Engel, former Vice Chairman and CFO of BASF, was appointed a Trustee of the IFRS Foundation with immediate effect. Mr Engel will succeed Erhard Schipporeit, who has decided to step down as a Trustee.
  • In September the Trustees announced updates to the membership of the ISSB as several members’ inaugural terms come to an end.
    Sue Lloyd has been reappointed to serve a second term of four years as Vice-Chair, starting 1 March 2026; Elizabeth Seeger has been reappointed to serve a second term of five years; and Hiroshi Komori has been reappointed for a second one-year term. Both Ms Seeger and Mr Komori’s terms are effective 1 October 2025. Michael Jantzi and Tae-Young Paik are stepping down as ISSB members when their terms end on 30 September 2025, with Mr Paik becoming a Senior Advisor to the ISSB Chair Emmanuel Faber for one year.
  • In October the Trustees reappointed Bertrand Perrin to serve a second term as an IASB member. His second term is for three years, effective 1 July 2026.
  • In October the Trustees initiated a search for a successor to Andreas Barckow as Chair of the IASB. Dr Barckow’s five-year term concludes at the end of June 2026.
    Under Dr Barckow’s stewardship, the IASB has further established its credentials as the global standard-setter for high-quality accounting standards. This includes substantial additions and enhancements to IFRS Accounting Standards, evidenced through the successful completion of 26 projects to date including two new Standards as well as major revisions of existing ones, deepening engagement with key stakeholders worldwide whilst ensuring regular dialogue with his counterparts at the ISSB. Access the full role specification and information on how to apply.

Accounting updates

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.

  • The IASB decided to conduct a concurrent agenda consultation with the ISSB, with plans to publish a Request for Information in 2027. The Fourth Agenda Consultation has therefore been suspended, and the period of the Third Agenda Consultation will be extended until the concurrent agenda consultation concludes in 2028.
  • The Accounting Standards Advisory Forum (ASAF) met in London in October 2025. ASAF members discussed several projects on the IASB’s work plan and other related issues. 

Sustainability updates

Consultations open for comment

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

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.