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FOR IMMEDIATE RELEASE
IFAC ENCOURAGES A BUILDING BLOCKS APPROACH FOR REPORTING SUSTAINABILITY-RELATED INFORMATION
How Global and Jurisdiction-Level Initiatives Can Work Together

(New York, New York, May 6, 2021)

Today, the International Federation of Accountants (IFAC) published a revised building blocks approach to reporting sustainability information—enhancing its previously issued roadmap, The Way Forward. IFAC hopes to foster discussion on how this approach can deliver a global system for consistent, comparable, and assurable sustainability-related information that best meets the needs of investors and other stakeholders.

IFAC CEO Kevin Dancey said, “As the IFRS Foundation continues to consider establishing a new International Sustainability Standards Board and as jurisdiction-specific initiatives progress, IFAC is lending its voice to clarify how components can best fit together to meet the needs of all stakeholders. The IFRS initiative—as well as jurisdiction-specific initiatives—should build on what already exists, help create or contribute to a global system, and accommodate different views of what information stakeholders require. The building blocks approach makes this possible.”

IFAC supports a new standard-setting board under the IFRS Foundation that can lead to the coordination and harmonization of reporting and provide a baseline of requirements addressing sustainability information that is material to enterprise value. The IFRS Foundation has proposed amendments to the Constitution of the Foundation as it continues to consider establishing a new board. IFAC encourages its member organizations to submit comments to this IFRS Foundation consultation.

IFAC welcomes feedback on the building blocks approach and plans to engage with stakeholders at future IFAC events addressing the broader journey to an enhanced corporate reporting world.

About IFAC
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 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.


Contact:
Jennifer DiClerico
Head of Communications
+1-212-286-9344
jenniferdiclerico@ifac.org

 
Prepared by IFAC's Communications Department. Contact communications@ifac.org for further information.
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