IFRS Annual Report Highlights Fundamental Role of Transparent Accounting

The IFRS Foundation has published its annual report for the year ended 31 December 2023, entitled ‘Better information for better decisions’.

The Foundation said the report highlights the fundamental role of transparent and comparable accounting and sustainability-related information in the world’s capital markets. It said: “The report highlights how IFRS Accounting Standards and IFRS Sustainability Disclosure Standards – collectively referred to as IFRS Standards – support efficient capital allocation by helping investors to identify opportunities and risks globally.”

The report summarises key accomplishments and progress in 2023, including:

• the International Accounting Standards Board (IASB) completing decision-making on two new IFRS Accounting Standards—IFRS 18 Presentation and Disclosure in Financial Statements and the forthcoming IFRS 19 Subsidiaries without Public Accountability: Disclosures;
• the International Sustainability Standards Board (ISSB) launching its inaugural IFRS Sustainability Disclosure Standards—IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS 2 Climate-related Disclosures—providing a global baseline of sustainability-related disclosures aimed at the capital markets; • the Foundation expanding its global operations with the opening of a new office in Beijing and renewed support for its office in Tokyo to facilitate engagement with stakeholders.

It also outlined the organisation’s priorities for 2024, including:

• finalising decisions on key projects including the third edition of the IASB’s IFRS for SMEs Accounting Standard and starting new projects on intangible assets and cash flow statements;
• supporting implementation of IFRS Sustainability Disclosure Standards and finalising the ISSB’s future work plan; and
• engaging with regulators and other authorities on the adoption of IFRS Standards and with companies, investors and other capital market stakeholders on their use of the Standards.

It added: “The report shows that as the Foundation navigates the newly created multi-location model, it maintains a strong financial position and manages its resources prudently.”

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“The report shows that as the Foundation navigates the newly created multi-location model, it maintains a strong financial position and manages its resources prudently.”