Supporting International Standards
IFAC Comment Letter to the IFRS Foundation's ED on proposed Constitutional amendments that accommodate new ISSB
Jul 22, 2021 | Comment Letters
IFAC is pleased to respond to the IFRS Foundation’s Proposed Targeted Amendments to the IFRS Foundation Constitution to Accommodate an International Sustainability Standards Board to Set IFRS Sustainability Standards (the “Exposure Draft” or “ED”). As we noted in our comment letter to the IFRS Foundation Consultation in 2020, IFAC has conducted extensive engagement with its membership and other stakeholders regarding i) the need for a global approach to sustainability-related reporting that serves the public interest and ii) the leading role that the IFRS Foundation should play in establishing such a global system.
IFAC reiterates that, with its independence, good governance, and track record of due process, the IFRS Foundation is uniquely positioned to establish an independent International Sustainability Standards Board (ISSB) alongside the IASB and under the existing governance of the IFRS Foundation, incorporating appropriate and targeted amendments proposed in this Exposure Draft that are designed to pattern the ISSB after the IASB. Further, the IFRS Foundation is also uniquely positioned to promote sustainability-related reporting that will garner support from necessary stakeholders such as the governments of the G7 and G20 governments, the Financial Stability Board, and IOSCO, among others.
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