IASB Chair provides final observations
Jun 03, 2021
On June 3, 2021, the International Accounting Standards Board (IASB) released a speech given during the IFRS Foundation Virtual Conference 2021, where IASB Chair Hans Hoogervorst provided his final observations of his 10-year tenure. Mr. Hoogervorst discussed certain economic thinking, such as the influence of the "Washington Consensus". Also, he touched upon the effect of the Great Financial Crisis of 2008 and the COVID pandemic had to the economy and the risks that recent policies may have to the monetary system.
Next, he commented on the progress done to IFRS Standards to reduce vulnerabilities. Specifically, he mentioned the improvements made by IFRS 9, IFRS 15, and IFRS 17 Standards, the updated conceptual framework, the primary financial statements project, and the new version of the management commentary practice statement.
Further, Mr. Hoogervorst noted the progress in the use of IFRS Standards globally and that there are currently more than 140 jurisdictions that have adopted IFRS Standards.
In closing, Mr. Hoogervorst thanked the Trustees, the IASB Board (past and present), IASB Vice-Chair Sue Lloyd, the technical and operational staff as well as the accounting community for all the contributions to the standard setting process.
In the video recording, upcoming IASB Chair Andreas Barckow provided a brief introduction and thanked Mr. Hoogervorst for all his accomplishments during the past 10 years.
Review the transcript and video of his speech on the IASB’s website.