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IFAC Congratulates IFRS Foundation and International Sustainability Standards Board (ISSB) on Growing Global Commitment to ISSB Standards, Welcomes New Jurisdictional Guide

May 28, 2024 | English

International Accountancy Profession Commits to Empower Sustainability Transformation

ATHENS, Greece -- The International Federation of Accountants (IFAC) congratulates the IFRS Foundation and the ISSB on their announcement today that more than twenty jurisdictions, representing over half the global economy by GDP, have already decided to use, or are taking steps to introduce, ISSB Standards in their legal or regulatory frameworks.

IFAC also welcomes the IFRS Foundation’s Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards (the Guide), which was developed to help jurisdictions design and plan their journeys to the adoption or other use of ISSB Standards.

IFAC Chief Executive Officer Lee White, speaking from the 49th IOSCO Annual Meeting in Athens, said, “IFAC was an early advocate for a harmonized, global system for the disclosure of sustainability-related information, and we continue to actively support and contribute to coordinated efforts to develop and deliver such a system. Today’s announcement by the IFRS Foundation confirms strong global momentum for the ISSB Standards and is particularly powerful given it comes less than a year after IOSCO’s endorsement of ISSB Standards IFRS S1 and IFRS S2. I wish to recognize the leadership of the IFRS Foundation and ISSB on the milestone they’ve achieved.”

IFAC is a collaborating partner with the IFRS Foundation on its Regulatory Implementation Programme, a component of the Guide, which includes the development of tools, educational materials and other initiatives to advance capacity building in support of ISSB Standards.

As part of the global ecosystem working to support consistent and comparable sustainability-related information, IFAC also recently convened leaders from across the Asia-Pacific region and Latin America in two separate events held in Singapore and Bogota, Colombia, respectively. The objective of these assemblies was to discuss and advance the transformation occurring both within businesses and the accountancy profession related to sustainability disclosure. A program of regional assemblies through to 2026, including one in the Middle East later this year, is currently being finalized.

IFAC’s work over the last several years to benchmark the  State of Play: Sustainability Disclosure and Assurance provides key data on global developments and a roadmap for the future. 

Mr. White said, “The global business community has commenced its sustainability reporting and assurance journey, and the global accountancy profession -- which is undertaking critical roles using the ISSB Standards, the IAASB’s forthcoming International Standard on Sustainability Assurance, and the IESBA’s proposed standards for ethical considerations in sustainability reporting and assurance -- is central to the transformation of sustainability reporting, and to empowering this change.”

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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.