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Enhancing Corporate Reporting: The Way Forward
September 11, 2020
IFAC calls for a new Sustainability Standards Board alongside the IASB
The time for a global solution is now—to answer the demand from investors, policymakers and other stakeholders for a reporting system that delivers consistent, comparable, reliable, and assurable information relevant to enterprise value creation, sustainable development and evolving expectations. A fragmented approach perpetuates inefficiency, increased cost, and a lack of trust. Important work is underway (e.g., WEF/IBC metrics, IOSCO’s task force, EFRAG’s preparatory work, and alignment between the leading reporting initiatives), and these efforts should continue and ultimately contribute to the emerging global system.
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"The time for a global solution is now. Given the momentum that has developed this year…we have a unique opportunity to act in concert to do the right thing in the public interest."
– Kevin Dancey, CEO, IFAC
"We now have a unique opportunity to accelerate progress and house all the relevant standards under one roof as suggested by IFAC, to connect sustainability disclosure standards focused on enterprise value creation to financial GAAP."
– Veronica Poole, Global IFRS Leader and Head of Corporate Reporting, Deloitte
"The IIRC has long championed a vision of a comprehensive & cohesive corporate reporting system to drive effective corporate governance & sustainable value creation. Bridging the gap between financial reporting & sustainability reporting is vital."
– Charles Tilley, CEO, International Integrated Reporting Council
"IFAC’s recommendations are powerful, coming out at a time when the world is in search of answers. This is an important moment for the IFRS Trustees, as businesses and investors need robust and trusted standards and interconnected oversight."
– Barry Melancon, President & CEO, American Institute of CPAs, and IIRC Board Chair
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