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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.