At the IFRS Foundation Conference, Chair Erkki Liikanen reflects on the journey of IFRS Standards, their impact on global markets, and future directions. From accounting to sustainability, the IFRS is evolving to meet new challenges.
Key Points
•📅 Event Date: IFRS Foundation Conference kicked off on 23 June 2025
•🌍 Global Reach: Over 140 countries using IFRS Accounting Standards
•📈 New Standards: ISSB published inaugural sustainability standards in 2023
•📉 Cost Reduction: Target to reduce board size by 2028 to cut costs
Ever wondered how IFRS Standards became the backbone of global accounting? Chair Erkki Liikanen reminisces about the humble beginnings and monumental strides since 2000. From Europe's urgent need for unified standards to Enron's debacle shaking the US, the demand for transparency led to a global solution. IFRS's success story is a testament to market-driven innovation.
🔍 How Are We Doing?
Liikanen doesn't shy away from the tough question, 'Are we making a difference?' With insights from the Academic Fellows, it's clear that IFRS Standards have boosted market liquidity and reduced investor uncertainty. But the journey is complex. Standards alone aren't magic wands; strong enforcement and proportionality are key.
🌟 Where Are We Headed?
The IFRS Foundation is all about looking ahead. Post rapid expansion, it's time to consolidate gains and gear up for future challenges. A two-year transformation program aims to streamline operations, cut costs, and boost revenues. The goal? A more resilient, focused, and well-resourced foundation ready to tackle the next big thing in corporate reporting.
🎯 Closing Remarks
Liikanen wraps up with a heartfelt thank you to all contributors. The success of IFRS is a collective achievement, and it's clear that the journey doesn't end here. With continued support and collaboration, the foundation is poised for more groundbreaking milestones.
