Welcomes EFRAG’s public consultation on European Sustainability Reporting Standards (ESRS) exposure drafts
As the global voice of the accountancy profession, IFAC has supported
a global system for delivering consistent, comparable and assurable
sustainability information. Such disclosure must become a core component
of the corporate reporting ecosystem that helps stakeholders assess
objectives and progress towards addressing the climate crisis and other
important environmental, social, and governance matters. European
Sustainability Reporting Standards can play an important part in
aligning global and jurisdictional-specific goals.
IFAC supports
the view that sustainability disclosure requirements should be developed
to capture and measure what really matters and to facilitate adoption
and implementation in an internationally compatible manner. Alignment
between global and jurisdiction-specific requirements, to the extent
possible, is key for companies who operate across national borders, who
compete for capital globally, and who are working towards a more
sustainable future.
IFAC CEO Kevin Dancey said “Collectively, we
have an historic opportunity to embrace equivalency and
interoperability in sustainability initiatives around the world, to
leverage the work of existing high-quality sustainability frameworks,
and to avoid costly regulatory fragmentation and complexity. Toward this
end, IFAC strongly supports the ISSB’s recently announced working group
that will establish dialogue for enhanced compatibility between the
ISSB’s recent exposure drafts and ongoing jurisdictional initiatives
like that of the European Union.”
The European Commission’s
ambitious Corporate Sustainability Reporting Directive seeks to put
sustainability-related reporting on the same footing as traditional
financial reporting—addressing what sustainability information must be
reported and requiring its assurance, among other important elements
that can enhance corporate reporting. We hope this important work
ultimately contributes to—and amplifies the impact of—an emerging global
sustainability disclosure system.
IFAC
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