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Today, the International Federation of Accountants (IFAC) published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach
published in May 2021.
“As work to establish the ISSB advances, PAOs, firms, and professional accountants in business should be engaging now with their policymakers to consider what mechanisms may need to be established to make forthcoming reporting requirements effective in their jurisdiction,” said IFAC CEO Kevin Dancey. “IFAC’s framework sets out various pathways for local implementation of the IFRS initiative that can all lead to the global and harmonized corporate reporting system we need for investors, capital markets, and stakeholders at large.”
IOSCO’s Sustainability-related Issuer Disclosures report proposes a timeline for the ongoing work of the IFRS Foundation–with the ISSB climate standard expected to be completed by June 2022. Jurisdictions that begin engaging with policymakers now will be able to capitalize on the forthcoming standards–and therefore serve the public interest–as soon as they are finalized.
IFAC urges its member organizations to continue their support for the IFRS initiative, to engage now with local policymakers, and to provide feedback on the framework for making global sustainability standards local.
Read more about IFAC’s support for global sustainability-related standards here.
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.