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This marks a critical step on the path towards a global solution to sustainability reporting, called for earlier this month by IFAC in its Enhancing Corporate Reporting: The Way Forward roadmap.
IFAC believes that the demand is urgent and real—from investors, policymakers and other stakeholders—for a sustainability reporting system that delivers consistent, comparable, reliable, and assurable information. The IFRS Foundation is optimally positioned to establish a new sustainability standards board that leverages the expertise and disclosure requirements of existing leading initiatives. Under the IFRS umbrella, the work of this new board can connect with the investor focus of the IASB, while also collaborating with respect to reporting requirements designed to address broader stakeholder interests.
IFAC
CEO, Kevin Dancey, said, “The IFRS Foundation—with its backing by
public authorities, independence, and globally-respected governance and
due process—is the appropriate home for a new sustainability standards
board. Today’s open letter to IOSCO
from the five leading global ESG reporting organizations lends further
support to the legitimacy of a new sustainability board and I strongly
encourage their continued collaborative effort. Now is the time for
Professional Accounting Organizations around the world to lend their
expertise and support as the IFRS Foundation Trustees consider this
important challenge. IFAC looks forward to engaging with our members and
other key stakeholders in formulating a full supportive response to the
Consultation.”