Reiterates Call for International Sustainability Standard-Setting Board Under the IFRS Foundation, Encourages Accountancy Profession to Support a Sustainable Future
The International Federation of Accountants (IFAC) today submitted its response to the IFRS Foundation’s Consultation Paper on Sustainability Reporting,
issuing a resounding “yes” to the question of whether an international
sustainability standards board is needed to lead a coherent global
system of interconnected corporate reporting that will rationalize the
current fragmented ecosystem for sustainability information.
Reiterating the themes of its September 2020 call-to-action, Enhancing Corporate Reporting: The Way Forward, IFAC
calls for the creation of the new board alongside the IASB under the
IFRS Foundation. The proposed board would address the urgent and growing
demand from investors, policy makers and regulators for a reporting
system that delivers consistent, comparable, reliable, and assurable
information relevant to enterprise value creation, sustainable
development, and evolving stakeholder expectations.
“This
is a significant opportunity to bring new relevance to professional
accountants’ work in corporate reporting and assurance and will advance
the public interest,” said IFAC CEO Kevin Dancey. “The accountancy
profession must continue to play an active role in helping companies,
economies, and societies achieve a more sustainable future, made all the
more urgent due to the climate emergency. IFAC stands ready to engage
with the IFRS Foundation, as well as our member organizations and other
stakeholders, to ensure the success of this important initiative.”
IFAC
encourages our members and other stakeholders to review our response
and engage in this important conversation with the IFRS Trustees.
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 more than 175 members and associates in more than 130
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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