Debrief on 2024 World Standard-setters Conference in London

More than 130 delegates from 70 countries and jurisdictions joined the IFRS Foundation (Foundation) at its 24th World Standard-setters (WSS) Conference on 23–24 September 2024. National standard-setters attended in London and online to hear from a range of speakers who specialise in accounting and sustainability reporting. 

IFRS 18 Presentation and Disclosure in Financial Statements

IASB member Nick Anderson moderated a panel discussion with national standard-setters from Canada, the European Union and South Korea. Their discussion provided insights into how jurisdictions are supporting stakeholder groups’ implementation of IFRS 18 and the early challenges they have identified.

Consistent application of IFRS Accounting Standards

IASB Technical Director Riana Wiesner moderated a panel discussion with the IFRS Interpretations Committee (Committee) Chair, member and observer. The discussion included an update on the work of the IASB and how the Committee supports the consistent application of IFRS Accounting Standards.

Connectivity between the financial statements and sustainability-related financial disclosures

During the conference’s final plenary session, the Foundation’s Connectivity team acknowledged the importance of connectivity between the IFRS Accounting Standards and IFRS Sustainability Disclosure Standards in enabling the provision of high-quality financial information to capital markets. The team walked through the examples to illustrate how applying IFRS Standards together results in complementary and connected information.

You can watch the recordings of these sessions on the WSS 2024 webpage.

Breakout sessions

The WSS Conference included six breakout sessions on: 

• the IASB’s Provisions—Targeted Improvements project;
• the IASB’s Equity Method project; 
• the IASB’s financial instruments projects;
• the forthcoming third edition of the IFRS for SMEs Accounting Standard;
• the adoption or other use of ISSB Standards; and
• the implementation of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.

Other topics

In three optional drop-in sessions, participants had an opportunity to learn about:

• the Foundation’s Translations Adoption Copyright team;
• the prospective IFRS Accounting Standard Regulatory Assets and Regulatory Liabilities; and
• the IASB’s Management Commentary project.

Andrea Pryde, Conference Chair, said:

The WSS Conference was a fantastic networking event, filled with valuable insights on the state of ISSB and IASB Standards. Our collaboration with national standard-setters helps us to understand what the problems are, develop globally accepted Standards and represent stakeholder voices. The Foundation looks forward to reconnecting with national standard-setters at the next WSS Conference in September 2025.