02 February 2021

IFAC Supports IFRS Trustees’ Action Toward an International Sustainability Standards Board

IFAC welcomes today’s announcement from the IFRS Foundation Trustees to take further, timely steps to assess the possibility of establishing a new Sustainability Standards Board (SSB). We concur that there is “broad demand for the IFRS Foundation to play a role.”

IFAC welcomes today’s announcement from the IFRS Foundation Trustees to take further, timely steps to assess the possibility of establishing a new Sustainability Standards Board (SSB). We concur that there is “broad demand for the IFRS Foundation to play a role.” A Sustainability Standards Board is best positioned to lead the ongoing rationalization of a coherent global system for reporting requirements addressing enterprise value creation, sustainable development, and evolving stakeholder expectations. We agree with the Trustees’ conclusion that moving with urgency is a key factor for success. This can be accomplished by leveraging the expertise and standards that already exist as a result of the work by CDP, CDSB, GRI, IIRC, SASB, as well as the TCFD. For example, the recently released report on climate-related disclosure demonstrates the value of their continued collaboration to this global system.  

IFAC CEO Kevin Dancey, said “IFAC encourages our members and stakeholders to remain focused on this important initiative, to continue to engage in discussions and consultations that foster greater alignment and harmonization, and to offer their expertise to the establishment of this new Sustainability Standards Board and a global solution to the current fragmented reporting ecosystem.”

IFAC reiterates its support for this initiative, and stands ready to assist the Trustees as they move forward on this important work.

See IFAC's response to the IFRS Foundation's Consultation Paper on Sustainability Reporting and Enhanced Corporate Reporting: The Way Forward.

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