IFAC supports steps announced today by the IFRS Foundation in its ongoing consideration of whether to establish a new Sustainability Standards Board (SSB) alongside the IASB and under the existing governance structure of the IFRS Foundation.
IFAC welcomes the
engagement of IOSCO in this important initiative, as outlined in the
IFRS Trustee statement as well as in IOSCO’s February 24 media release.
We
agree with the Trustees’ strategic views that the new SSB should focus
on information material to decisions of investors and other providers of
capital and that the new board would initially focus its efforts on
climate-related reporting, while also working toward meeting the
information needs of investors on other ESG (environmental, social and
governance) matters.
Likewise, we agree that a building blocks
approach facilitates both the use of existing standards and frameworks
(including TCFD) and the flexibility for coordination on reporting
requirements that capture wider sustainability impacts, as IFAC
articulated in its Way Forward roadmap.
IFAC
CEO Kevin Dancey said, “IFAC continues to support the ongoing
rationalization of a coherent global system. The IFRS Foundation is
uniquely qualified and positioned to lead here, including engagement
with existing sustainability-related initiatives and standard setters
from key jurisdictions. IFAC looks forward to providing input to the
forthcoming IFRS Foundation Constitution consultation and encourages our
member bodies and stakeholders to take an active interest in these next
steps.”
About IFAC
IFAC
is the global organization for the accountancy profession dedicated to
serving the public interest by strengthening the profession and
contributing to the development of strong international economies. IFAC
is comprised of 180 members and associates in 135 countries and
jurisdictions, representing more than 3 million accountants in public
practice, education, government service, industry, and commerce.
IFAC
© IFAC - International Federation of Accountants
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