IFAC Continues to Advocate for Convergence in Global Sustainability Standards

Welcomes Latest Steps by IFRS Foundation Trustees and IOSCO

IFAC, the International Federation of Accountants, which comprises 180 member and associate organizations and represents 3 million professional accountants globally, continues its work to support the establishment of global sustainability standards in the public interest.

In this regard, IFAC endorses the most recent actions announced by the IFRS Foundation Trustees and IOSCO. 

Specifically, IFAC supports the IFRS Foundation’s formation of a working group and efforts to set up a multi-stakeholder expert consultative committee, both of which will accelerate progress towards a successful standards setting board. These steps demonstrate the IFRS Foundation’s focus on delivering with speed by leveraging and bringing together the work of existing initiatives.

IFAC further supports IOSCO’s establishment of a new Technical Expert Group under its Sustainable Finance Task Force, which demonstrates growing international demand for the work of the IFRS Foundation.

IFAC CEO Kevin Dancey said, “IFAC reiterates its support for the IFRS Foundation to establish an international standard setting board with a focus on enterprise value creation, a unique connection to the work of the IASB, and backing from IOSCO and other authorities.  This approach offers the quickest and most effective route to a baseline of internationally consistent sustainability-related disclosures for enterprise value creation developed in the public interest.  IFAC calls for international collaboration and cooperation to make this initiative a success.”

Read Kevin Dancey’s most recent letter to IFAC member organizations here.