Takeaways from the IFRS Foundation Conference
The IFRS Foundation has shared four key takeaways from its annual conference, held in London on 29–30 June and marking the Foundation’s 25th anniversary. The event brought together more than 500 companies, investors, regulators and standard-setters from close to 80 jurisdictions.
Implementation was central to workshop content, with application of IFRS 18 Presentation and Disclosure in Financial Statements, IFRS 19 Subsidiaries without Public Accountability, and IFRS 20 Regulatory Assets and Regulatory Liabilities explored.
Attendees also heard the latest on active projects at the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB), including nature-related disclosures and industry-specific guidance.
Of particular interest, discussions around the regulatory adoption of ISSB standards highlighted efforts to reduce fragmentation and improve comparability via “passporting.” Under a passporting approach, disclosures prepared under ISSB standards in one jurisdiction would be accepted by regulators in another, sparing multinational companies from reporting the same information several times over.
Work to support efficient reporting for companies applying both the revised European Sustainability Reporting Standards (ESRS) and ISSB standards was also raised. Comparable, consistent disclosures across borders and reporting regimes benefit preparers and data users alike, with taxonomy alignment key to making this interoperability work in practice.
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