More than 550 delegates from 60 countries attended the 2023 IFRS Foundation Conference in person and online. The conference was held in London on 26-27 June.
The first day of the conference coincided with the launch of the inaugural IFRS Sustainability Disclosure Standards.
You can still watch the keynote speeches delivered by Andreas Barckow, Chair of the International Accounting Standards Board (IASB); and Emmanuel Faber, Chair of the International Sustainability Standards Board (ISSB). Julia Hoggett, CEO of the London Stock Exchange plc, also gave a speech.
Linda Mezon-Hutter, Vice-Chair of the IASB; and Sue Lloyd, Vice-Chair of the ISSB, followed with a session on connections between the work of the two boards.
On day two, a panel discussion reflected on the long-term risks and uncertainties in financial reporting which features panellists that gave company, auditor and regulator perspectives; and the day ended with an ‘Ask Me Anything’ session with the two Vice-Chairs and two other board members.
Breakout sessions were held across both days to give deeper dives into key IASB projects, and the IFRS Sustainability Disclosure Standards. Sessions were also given on the work the IFRS Interpretations Committee does on the consistent application of IFRS Accounting Standards.
Here are some key insights from the two-day conference:
Reporting standards play a critical role in the integrity of capital markets
Julia Hoggett spoke about the importance of financial reporting telling a true, fair and transparent story of how the global economy operates; and the vital social purpose that capital markets play.
Ms Hoggett then spoke about the need for high quality reporting to be sector-specific and proportionate to ensure that capital will flow to where it is most needed.
IFRS Accounting Standards can be an anchor in the storm of economic uncertainty
Andreas Barckow spoke about the importance of communication with investors during uncertain times. He said that the IFRS Foundation helps to manage the uncertainty for investors by ensuring companies give useful and trustworthy information to help them make informed decisions.
A consistent and comprehensive accounting-based language
Emmanuel Faber explained how sustainability is now being translated into a common language to build more resilient economics.
He gave examples of how economics does not recognise the impact of the likes of nature and fossil fuels, which led to the creation of IFRS S1 and IFRS S2.
Qualitative and quantitative data is important
The panel discussion on the long-term risks and uncertainties in financial reporting talked about assessing materiality and how it is from the user’s perspective rather than the company’s. There was an urge for companies to look at financial reporting from an external perspective, emphasising an importance on integrated thinking, and the use of both qualitative and quantitative data.
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IFRS Accounting Standards development
IFRS Sustainability Standards development
