Dr Barckow began his speech by discussing convergence between the  IASB and FASB standards. He discussed that there are two angles related to convergence: product-related view (compatibility of standards) and process-related view (maintenance). He noted that by ‘bringing the two boards together for education and information-sharing sessions, by talking regularly to our colleagues at FASB at all levels, and by alerting each other of new information and developments arising’, the IASB and FASB can continue to keep their converged standards converged.

Next, Dr Barckow highlighted areas that the IASB will focus on over the next five years. This includes finalizing current projects in its work plan, working with the ISSB to make sure both boards collaborate where possible, and three new projects on intangible assets, statement of cash flows, and climate-related risks. In addition, he discussed why a project on cryptocurrencies was not added to the work plan but suggested that the IASB will continue to monitor any developments in this area and connect with the FASB on their project.

Full transcript of the speech is available on the IFRS Foundation’s website.