How Global Standards Become Local
IFAC’s new framework for implementing global sustainability standards set by an International Sustainability Standards Board builds on the previously issued Building Blocks Approach. This framework examines how existing mechanisms already in place for adopting IFRS Standards used in financial reporting may be appropriate or adapted for sustainability-related reporting. Alternatively, a new mechanism may be required. IFAC urges its member organizations to engage now with local policy makers on what mechanisms (new or existing) can be used to transition forthcoming global standards into local standards—implemented and enforced in jurisdictions around the world.