Mr Barckow began his speech with a thought experiment inviting attendees to imagine a world without international accounting standards. Company reporting would be a patchwork around the world, not comparable and not transparent at all. And investors desiring to invest overseas would first have to figure out several different reporting languages.

However, as Mr Barckow pointed out, luckily international accounting standards do exist and provide comparability, transparency and trust. And he thanked national standard setters for helping to bring this about, beginning in 1973 when accountancy bodies from nine jurisdiction signed an agreement to form the IASB's predecessor body, the IASC. Nevertheless, Mr Barckow also warned:

We need to protect what we have collectively achieved, by continuing working together to ensure requirements capture market developments and ensuring the standards are used in a consistent manner globally.

Mr Barckow then turned to consistent application of the standards, application questions, addressing those questions, and the role national standard setters can play in all of these. He returned to his 2021 WSS address where he had called the national standard setters the IASB's "ears and eyes on the ground".

So if national standard setters identify inconsistent application, a submission can be sent to the IFRS Interpretations Committee and it will then be determined whether standard setting is required, whether an interpretation should be developed, or whether an agenda decision should be published. In all of these processes national standard setters can help as well by contributing comment letters.

In concluding his speech, Mr Barckow briefly commented on the development of new standards (he chose the standard on primary financial statements that is expected to be published in the second quarter of next year as an example) and the post-implementation review process where again national standard setters can play an important contributing role.

Please click to access a transcript of Mr Barckow's full speech on the IFRS Foundation website.