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.