IFRS Foundation monitoring board emphasises oversight of standard-setting
In a recent meeting held in Madrid, Spain, the IFRS Foundation Monitoring Board reaffirmed the crucial role of ongoing oversight in governing the standard-setting activities of the IFRS Foundation.
Chaired by Takashi Nagaoka, Deputy Commissioner for International Affairs, Japan Financial Services Agency, the meeting focused on the responsibilities of the IFRS Foundation Trustees, particularly in overseeing the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB).
Key discussions included the importance of connectivity between financial statements and sustainability disclosures, the effectiveness of the multi-location model employed by the two Standard Setting Boards (SSBs), and the necessity for stable and diversified funding to support their work.
Recognising the significant efforts of the IFRS Foundation in supporting the implementation of ISSB Standards, the Monitoring Board urged continued collaboration with regulators to advance the global framework for sustainability-related financial information.
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