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As the global voice of the accountancy profession, IFAC has supported the establishment of the International Sustainability Standards Board (ISSB) to develop a comprehensive global baseline of sustainability disclosures for investors and capital markets, endorsed by IOSCO and implemented around the world. This will lead the way to a harmonized, global system of consistent, comparable, reliable, and assurable information.
Now, two new proposed standards from the ISSB address the urgency of the climate crisis and chart a course for companies and policymakers to transition to ISSB Sustainability Disclosure Standards as they become available. Importantly, they build upon TCFD recommendations and SASB Standards, in addition to the work of the Climate Disclosure Standards Board, the International Accounting Standards Board, the Value Reporting Foundation, and the World Economic Forum.
IFAC CEO Kevin Dancey said, “Alignment among various sustainability-related initiatives is important, so we strongly support the ISSB’s continued work with international organizations and jurisdictions so that these global baseline proposals can be incorporated into jurisdictional requirements and be compatible with disclosures that address broader stakeholder sustainability information needs. Following an inclusive and transparent due process, consistent with that of the IASB, will drive confidence and acceptance around the world.”
IFAC will be responding and encourages members of the accountancy profession to contribute their expertise and feedback by 29 July 2022 on these two proposals, as well as related jurisdiction-specific initiatives, so that global alignment and interoperability, connectivity to financial information, and the assurability of sustainability disclosures is achieved.