📈 Delivering on Our Commitments
2024 was a banner year for the IASB, highlighted by the completion of seven major projects, including IFRS 18 on Primary Financial Statements and IFRS 19 on reduced disclosure for eligible subsidiaries. Stakeholders had emphasized the need to finalize these standards before jumping into new endeavors, and the IASB delivered. Over 140 jurisdictions backed these efforts, showcasing a strong global consensus on the importance of high-quality financial reporting standards.
🌍 Navigating Geopolitical Shifts
Andreas Barckow's keynote at the IFRS Foundation Conference stressed the dual reality of fragmentation and integration in today's global economy. Geopolitical tensions and protectionist policies are reshaping alliances, yet global capital markets remain deeply interconnected. Financial reporting standards serve as a stable reference point amidst these changes, promoting transparency and comparability across borders.
💪 Adapting with Resilience
The IASB is responding to challenges with agility and commitment. Recent amendments to IFRS 9 addressed sustainable finance, while IFRS 19 eased the reporting burden for subsidiaries. Additionally, the IASB is tackling climate-related risks with upcoming illustrative examples. These efforts aim to reduce costs, simplify compliance, and maintain trust in financial reporting despite uncertainties.
🔗 The Role of Global Standards
In a fragmenting world, global accounting standards remain invaluable. They foster market confidence and ensure consistent application across jurisdictions. The IASB's ongoing collaboration with stakeholders, including regular dialogue with FASB, underscores the importance of convergence where it adds value. By upholding high-quality standards, the IASB supports efficient capital flows, better risk assessment, and informed decision-making.
