IFRS Foundation Chair delivers keynote on global financial standards and sustainability reporting
29 Feb 2024
Erkki Liikanen, Chair of the IFRS Foundation Trustees, addressed attendees at the IFRS Foundation Trustees’ stakeholder dinner in Madrid, Spain, on 28 February 2024. Chair Liikanen highlighted the Foundation’s role in global governance, strategy, and oversight of standard-setting boards. He emphasised the significance of the IFRS Foundation’s collaboration, with trustees representing diverse expertise from around the world and underscored the Foundation’s commitment to transparency, with all meetings held publicly and documents accessible online.
Reflecting on the Foundation’s journey, Chair Liikanen outlined its inception in response to the challenges of fragmented accounting standards in the late 20th century. With the endorsement of international accounting standards by market regulators in 2000, the IFRS Foundation emerged under the leadership of Paul Volcker. Today, over 140 countries adhere to IFRS Standards, fostering global financial language and facilitating cross-border investment. Further, Chair Liikanen addressed the Foundation’s recent strides in sustainability reporting, including the establishment of the International Sustainability Standards Board (ISSB) and the publication of inaugural Sustainability Disclosure Standards. He noted ongoing efforts to align with existing standards and engage stakeholders globally in advancing sustainability disclosure. Additionally, he highlighted the forthcoming overhaul of Primary Financial Statements by the IASB in 2024, signaling continued evolution in corporate reporting under the Foundation’s purview.
The full transcript of the speech is available on the IFRS Foundation’s website.
