LONDON – The International
Arab Society of Certified Accountants (IASCA) has participated in the annual
World Standard-Setters (WSS) Conference, organized by the International
Financial Reporting Standards (IFRS) Foundation in London, with attending
representatives from over 70 countries. IASCA was represented by its Executive
Director, Mr. Salem Al-Ouri.
About IASCA’s
participation, HE Dr. Talal Abu-Ghazaleh, IASCA chairman, emphasized the
important role the Conference plays in supporting the objectives of the Society
and the other professional institutions in the accounting sector. He pointed
out that the current global landscape is fraught with risks threatening modern
economies with severe setbacks, such as the possibility of rising global
recession rates, which have been exacerbated by the significant increase in
interest rates intended at curbing inflationary pressures and restoring price stability.
For his part, Mr. Al-Ouri said
that IASCA’s participation in the Conference comes as part of its ongoing
contribution to shaping the future of the accounting profession and
strengthening its role in providing the Arab market with Arab-certified accountants
at the international level in accordance with the latest global standards.
During the Conference,
participants discussed the activities of IFRS Foundation, taking part in
interactive Q&A sessions and panel discussions addressing several key topics,
including: Connecting Financial Statements with Sustainability-related
Financial Disclosures, and IFRS 19 Subsidiaries without Public Accountability,
which will take effect in January 2027, in addition to IFRS for Small and
Medium-sized Entities (SMEs) Accounting Standard Update.
Ms. Sue
Lloyd, vice-chair of the International Sustainability Standards Board (ISSB),
has also noted that the Board, following the release of IFRS S1 (General
Requirements for Disclosure of Sustainability-related Financial Information)
and S2 (Climate-related Disclosures), is expanding its reach and development
efforts to establish new sustainability standards covering biodiversity,
ecosystems, and human capital.
She went on
to say that the ISSB is currently working to promote the adoption of these
standards among relevant authorities, stakeholders and professionals, designed
for both regulators and preparers to facilitate a smooth transition toward
standardized sustainability disclosures.
Ms. Lloyd
further indicated that the ISSB has actively sought to balance the initial
implementation challenges that preparers could face with investors' information
needs, especially that the benefits of implementation outweigh the cost through
reducing fragmentation and enhancing transparency and comparability.
It is worth
mentioning that the International Accounting Standards Board (IASB) holds the
World Standard-Setters (WSS) Conference annually, offering a platform for
national standard-setters to exchange expertise on the adoption, endorsement,
and implementation of International Financial Reporting Standards (IFRS). The
Conference also serves as a venue for facilitating dialogue on the IASB’s
agenda, provides updates on standard-setting developments, and reviews
stakeholder feedback on exposure drafts for upcoming standards.