IFRS Foundation Conference 2024—Key highlights

The IFRS Foundation Conference 2024, held on 24 and 25 June, brought together over 500 delegates from more than 60 jurisdictions. The conference showcased the latest developments from the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB), as well as insights from industry experts.

The IFRS Foundation would like to thank all delegates and speakers for their participation in and contributions to the conference.

Keynote address from IASB Chair Andreas Barckow

In his keynote speech, Andreas Barckow, Chair of the IASB, considered the challenges of complexity in the modern business environment and its effect on financial reporting. He pointed out that complexity can be a barrier to companies in effectively communicating their story to investors, and to investors in understanding and using financial information.

He outlined six areas where the IASB is taking steps to navigate complexity. He concluded by urging all stakeholders to actively engage in dialogue with the IASB to collectively resolve the challenges caused by complexity and improve financial reporting in the public interest.

Watch or read Andreas' full speech.

Keynote address from ISSB Chair Emmanuel Faber

Emmanuel Faber, Chair of the ISSB, provided updates on the board’s achievements since the issue of the ISSB’s inaugural Standards IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures in 2023. He focused on the three themes of delivery, achievement and responsibility in the ISSB’s work.

Emmanuel reported on:

• progress in the adoption of the IFRS Sustainability Disclosure Standards, following the publication of the Inaugural Jurisdictional Guide;
• the interoperability guidance developed by the ISSB to help companies navigate between these Standards and the European Sustainability Reporting Standards;
• developments in the ISSB’s strategic relationships that aim to harmonise the sustainability disclosure landscape and to strengthen the global baseline; and
• the future focus of the ISSB as it embarks on its next two-year work plan.

Watch Emmanuel’s full speech.

Keynote address from Carine Smith Ihenacho—Investor’s Perspective on Responsible Investment

Carine Smith Ihenacho, Chief Governance and Compliance Officer at Norges Bank Investment Management, discussed the evolution of responsible investing and the role of the ISSB. She emphasised the need for harmonised and globally comparable standards to support investor decision-making.

Carine acknowledged the ISSB's efforts in reducing the ‘alphabet soup’ of sustainability-related reporting, benefiting both investors and companies. She also stressed the importance of connectivity between financial and sustainability reporting to understanding a company’s long-term value creation.

IASB–ISSB Update

An update session with IASB Vice-Chair Linda Mezon-Hutter and ISSB Vice-Chair Sue Lloyd highlighted the boards’ current projects and future priorities. They also shared some examples of how connectivity between the two boards is being achieved and the practical consequences of connectivity for stakeholders.

They discussed:

• two new significant IFRS Accounting Standards—IFRS 18 Presentation and Disclosure in Financial Statements and IFRS 19 Subsidiaries without Public Accountability: Disclosures;
• the IASB’s project on Climate-related and Other Uncertainties in the Financial Statements, which addresses concerns that the reporting of climate-related risks in financial statements is insufficient and inconsistent;
• the development of materials to support the implementation of new Standards from the IASB and ISSB and to promote consistent application of these Standards;
• the ISSB’s priorities for 2024 and the next two-year work plan; and
• the connections between the work of the IASB and the ISSB.

Panel discussion on IFRS 18

Day two of the conference started with a panel discussion on IFRS 18. IASB technical staff gave an overview of the Standard, and delegates heard perspectives from panellists on how their companies are preparing to implement IFRS 18.

Insights from the panellists included how IFRS 18 will bring comparability and structure to companies’ reporting of their operating profits and management-defined performance measures (MPMs), and how the Standard will lead to better information and communication for investors.

Breakout sessions

Delegates attended breakout sessions on topics such as financial instruments, consistent application of IFRS Accounting Standards, the IASB’s project on Business Combinations—Disclosures, Goodwill and Impairment, the adoption strategy for the IFRS Sustainability Disclosure Standards, integrated reporting and the ISSB’s work plan.

In these sessions, delegates heard updates on the boards’ current work and took part in Q&A sessions with technical staff and board members.

Ask me anything Q&A

The conference ended with an interactive audience Q&A with Andreas Barckow, Linda Mezon-Hutter and ISSB Members Richard Barker and Veronika Pountcheva. This session was chaired by IASB Executive Technical Director Nili Shah. Delegates gained answers to a wide range of questions—for example, on recently issued Standards from the IASB, the ISSB’s upcoming work plan and connectivity between the two boards.