Press Releases/News Alerts
Mar 23, 2011
Updated IFAC Sustainability Framework Supports Professional Accountants in Achieving Sustainable Value Creation
The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has significantly updated its Sustainability Framework (the Framework), a tool to support professional accountants and their organizations as they integrate sustainability into their strategy, operations, and reporting. The Framework highlights the important roles that professional accountants play in facilitating the sustainable development of their organizations, as well as the importance of adopting an integrated approach to business reporting.
Embracing sustainability and corporate responsibility from three perspectives—strategy, operations, and reporting—is critical to gaining the trust of stakeholders and the wider public, and ultimately ensuring sustainable value creation. Through key considerations, as well as examples from major international corporations, smaller firms, professional accountancy organizations, and leaders from around the world, the Framework provides a comprehensive view of some of the current best practices globally in each of these areas, and is applicable to entities of all sizes and levels of complexity.
“Professional accountants are already doing much to help organizations minimize waste, create efficiencies, and cut costs, which is undoubtedly the biggest driver for embracing sustainability,” said Roger Tabor, chair of the PAIB Committee. “However, accountants also need to be prepared to take on new and expanded roles, activities, and skills as they support their organizations in charting a more sustainable path. The Framework can help them on this journey.”
“To successfully embed sustainability within an organization, business leaders and professional accountants must recognize the importance of incorporating environmental, social, and governance factors into all functions and processes—from strategic planning and goal setting, to external communications and reporting. And, each of these areas is interconnected: to produce high-quality sustainability and integrated reports, these factors must be embedded into an organization’s culture and decision making,” said Ian Ball, CEO of IFAC.
Presented in a digital magazine format, and available in PDF, the Framework contains numerous internal links to allow professional accountants to easily navigate to the sections of most relevance to their particular roles. All sections include key considerations for professional accountants, including examples and references to other sources of information and guidance. The Sustainability Framework is available in the International Center for Professional Accountants in Business on the IFAC website.
About the PAIB Committee
The PAIB Committee serves IFAC member bodies and the more than one million professional accountants worldwide who work in commerce, industry, financial services, the public sector, education, and the not-for-profit sector. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.
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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.