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IFAC Supports New ISSB Knowledge Hub

Calls on Accountancy Profession to Help Build Capacity and Advance on Education

Dec 1, 2023 | New York, New York | English

As the global voice of the accountancy profession, IFAC has long supported the establishment of the International Sustainability Standards Board (ISSB) to develop a comprehensive global baseline of sustainability disclosures—now endorsed by IOSCO and ready to be adopted and implemented around the world.  To demonstrate our commitment to seeing this initiative succeed, IFAC signed on as an inaugural member of The ISSB Partnership Framework for Capacity Building, launched one year ago at COP27 in Sharm El-Sheikh, to support preparers, investors and other capital market stakeholders to use IFRS Sustainability Disclosure Standards.

One year later, the IFRS Foundation’s new Knowledge Hub is being launched to help fill the “knowledge gaps” which must be addressed in the short-, medium- and long-term to achieve the goal of a harmonized system for high-quality sustainability-related financial information, a global baseline established via the ISSB Standards.

Education materials, like the forthcoming IFRS Foundation e-learning curriculum and the content IFAC and others contribute to the IFRS Foundations new Knowledge Hub, will assist professional accountants, and others, in applying IFRS S1 and IFRS S2 and can provide a starting point for IFAC Member Bodies who plan to promote sustainability competency and learning amongst their professional membership.

IFAC’s policy, advocacy, and thought leadership work—including benchmarking of sustainability-related financial disclosures and assurance practice, advocacy for adoption of IFRS S1 and IFRS S2 using a Building Blocks approach, and guidance for professional accountants working inside of companies—all contribute towards building capacity within the accountancy profession and we urge our Member Bodies around the world to join in this effort. 

IFAC CEO Kevin Dancey said, “Professional accounting organizations (PAOs) and the largest global accountancy networks (i.e., the Forum of Firms) must be leaders in capacity building and education.  Professional accountants—who are subject to the IESBA Code of Ethics—have a critical role to play in transforming high-quality standards into high-quality information, and then providing assurance on that information in accordance with standards developed by the International Auditing and Assurance Standards Board.”

The role of the accountancy profession will come into sharper focus as sustainability-related reporting and its assurance transitions from voluntary practice to mandatory requirements around the world.  IFAC’s new publication on integrated internal control, Building Trust in Sustainability Reporting: The Urgent Need for Integrated Internal Control, demonstrates the critical role and expertise of professional accountants related to data, systems, processes, and internal controls—all necessary for companies to deliver high-quality, decision-useful information for investors, capital markets, and all stakeholders.

IFAC Contributions to ISSB Knowledge Hub:

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 more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.