Reiterates Call for International Sustainability Standard-Setting Board Under the IFRS Foundation, Encourages Accountancy Profession to Support a Sustainable Future
The International Federation of Accountants (IFAC) today submitted its response to the IFRS Foundation’s Consultation Paper on Sustainability Reporting, issuing a resounding “yes” to the question of whether an international sustainability standards board is needed to lead a coherent global system of interconnected corporate reporting that will rationalize the current fragmented ecosystem for sustainability information.
Reiterating the themes of its September 2020 call-to-action, Enhancing Corporate Reporting: The Way Forward, IFAC calls for the creation of the new board alongside the IASB under the IFRS Foundation. The proposed board would address the urgent and growing demand from investors, policy makers and regulators for a reporting system that delivers consistent, comparable, reliable, and assurable information relevant to enterprise value creation, sustainable development, and evolving stakeholder expectations.
“This is a significant opportunity to bring new relevance to professional accountants’ work in corporate reporting and assurance and will advance the public interest,” said IFAC CEO Kevin Dancey. “The accountancy profession must continue to play an active role in helping companies, economies, and societies achieve a more sustainable future, made all the more urgent due to the climate emergency. IFAC stands ready to engage with the IFRS Foundation, as well as our member organizations and other stakeholders, to ensure the success of this important initiative.”
IFAC encourages our members and other stakeholders to review our response and engage in this important conversation with the IFRS Trustees.
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 more than 175 members and associates in more than 130 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.