Remarks by IASB Chair at the Annual AICPA & CIMA Conference on Current SEC and PCAOB Developments

  • IASB speeches (blue) Image

12 Dec 2022

At the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments, IASB Chair Andreas Barckow discussed developments in the IASB’s work and its future plans.

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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.