The International Federation of Accountants (IFAC), which represents more than 3 million professional accountants globally, welcomes IOSCO’s new report in which it elaborates on its vision and expectations for the IFRS Foundation’s work toward a global baseline of investor-focused sustainability standards.
IFAC has long advocated
for the IFRS Foundation to establish an International Sustainability
Standards Board (ISSB) focused on enterprise value creation, and based
on a building blocks approach.
Strong support from public authorities like IOSCO is critical to the
success of the IFRS Foundation’s initiative. IOSCO has delivered this
important support with its recent publication and related work under the
Sustainable Finance Task Force.
IFAC specifically agrees with
IOSCO’s analysis that investors are not currently getting the
information they need from sustainability disclosures; that the IFRS
Foundation should establish an ISSB alongside the IASB; that the ISSB
will need to build on existing work; and that we need to create a
flexible global system based on a building blocks approach. IFAC will
continue to support IOSCO and the IFRS Foundation as they make progress
on the ISSB. As momentum continues for harmonizing global
sustainability-related reporting standards, IFAC has also initiated a
workstream focused on global assurance related to sustainability information and looks to engage closely with IOSCO on any related investor protection issues.
IFAC
CEO Kevin Dancey said, “IOSCO sets out a clear vision for the way
forward on sustainability-related reporting—one that IFAC
whole-heartedly agrees with. A global system for sustainability-related
reporting will meet the information needs of investors and stakeholders
more broadly. IFAC encourages IOSCO to continue actively engaging with
the IFRS Foundation so that the unprecedented and necessary momentum
toward establishing an ISSB can be maintained.”
Read more about IFAC’s views.
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.
new report
IFAC
© IFAC - International Federation of Accountants
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