The International Federation of Accountants (IFAC), which represents more than 3 million professional accountants globally, welcomes IOSCO’s new report in which it elaborates on its vision and expectations for the IFRS Foundation’s work toward a global baseline of investor-focused sustainability standards.
IFAC has long advocated for the IFRS Foundation to establish an International Sustainability Standards Board (ISSB) focused on enterprise value creation, and based on a building blocks approach. Strong support from public authorities like IOSCO is critical to the success of the IFRS Foundation’s initiative. IOSCO has delivered this important support with its recent publication and related work under the Sustainable Finance Task Force.
IFAC specifically agrees with IOSCO’s analysis that investors are not currently getting the information they need from sustainability disclosures; that the IFRS Foundation should establish an ISSB alongside the IASB; that the ISSB will need to build on existing work; and that we need to create a flexible global system based on a building blocks approach. IFAC will continue to support IOSCO and the IFRS Foundation as they make progress on the ISSB. As momentum continues for harmonizing global sustainability-related reporting standards, IFAC has also initiated a workstream focused on global assurance related to sustainability information and looks to engage closely with IOSCO on any related investor protection issues.
IFAC CEO Kevin Dancey said, “IOSCO sets out a clear vision for the way forward on sustainability-related reporting—one that IFAC whole-heartedly agrees with. A global system for sustainability-related reporting will meet the information needs of investors and stakeholders more broadly. IFAC encourages IOSCO to continue actively engaging with the IFRS Foundation so that the unprecedented and necessary momentum toward establishing an ISSB can be maintained.”
Read more about IFAC’s views.
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.