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Dr. Abu-Ghazaleh Emphasizes the Significance of the Standard-setters Conference in Addressing Instability of Global Markets
31-Oct-2023
LONDON - The International Arab Society of Certified Accountants (IASCA) took part in the World Standard-setters Conference (WSS), which was held online and face-to-face. The IFRS Foundation hosted the conference in London, welcoming approximately 140 delegates from various parts of the world.
In his speech, HE Dr. Talal Abu-Ghazaleh, IASCA chairman, stressed the importance of the conference for achieving the IASCA’s objectives and other professional associations in the sector. He also underlined the significance of sharing experiences and knowledge to address the instability prevalent in global markets.
On the other hand, Dr. Abu-Ghazaleh pointed out that the current era is characterized by risks that expose emerging economies to significant challenges. These risks arise from the potential global recession resulting from the surge in interest rates, which was implemented in an effort to reduce inflationary pressures and stabilize prices.
He further highlighted the importance of applying unified and measurable international standards, stating that such standards provide investors with reliable data to analyze and compare the firms’ financial adequacy. These standards also enable investors to effectively fulfill their credit obligations and obtain reliable figures for preparing reports. As a result, these standards encourage stronger economic ties, streamline capital allocation, improve decision-making, and support financial stability.
During his speech at the global conference on the heritage of the International Accounting Standards Board (IASB), Mr. Andreas Barckow, IASB chairman, highlighted the significance of the Board's journey over the past 50 years. He noted that this journey has been driven by global participation, with the ultimate goal of achieving transparency and comparability through the establishment of an international accounting language.
In his discussion, Mr. Barckow also touched upon the IASB's main projects and how the organization operates to reform the global landscape of financial reporting, stressing the valuable assistance provided by national standards setters (NSS) in this process.
Moreover, Mr. Barckow stated that the IASB study and discuss various topics including equity-based financial instruments, business combinations - disclosures and goodwill, impairment, and the equity method.
Mr. Imanuel Faber, Chair of the International Sustainability Standards Board (ISSB), expressed the ISSB's dedication to promoting their newly issued standards, IFRS S1 and IFRS S2, among stakeholders. The ISSB is actively working to raise awareness and encourage the adoption of these standards within the industry.
Additionally, Mr. Faber emphasized the importance of effectively managing the changes associated with implementing these standards. This includes addressing potential challenges that may arise for standard setters and meeting the information needs of investors. The ISSB aims to enhance transparency and comparability by acknowledging these potential hurdles.
During the conference, the participants discussed the activities of the IFRS Foundation, and an interactive session of questions and answers and discussion seminars to communicate with the IFRS Foundation staff the IASB, and the ISSB were held.
It is worth mentioning that the IASB organizes an annual conference for standard-setters worldwide. This conference serves as a platform for exchanging experiences and knowledge regarding the application and adoption of International Financial Reporting Standards (IFRS). During the conference, the recent updates of the international standards were discussed along with the feedback on exposure drafts of the new standards.