Professional accountants have an active role to play in determining the way climate change information is reported in the upcoming 2021 reporting cycle and is enhanced in future years.
In a new statement released today, IFAC continues to advocate and support the profession’s role in enabling climate action by providing transparency and insights on the financial impacts of climate change.
In this statement, IFAC:
Summarizes the information concerns of investors, regulators, and policy makers.
Reviews current standard-setter responses.
Recommends how, and the extent to which, companies and accountants can address these concerns in the 2021 reporting cycle.
Small and midsized accountants were crucial to their clients around the world over the past year, say IFAC experts Chris Arnold and Monica Foerster, but they had to change their own practices to keep up.
In this exclusive interview for ICMA Pakistan Management Accountant Journal, IFAC's Director of Accountancy Education, Helen Partridge, explains IFAC's approach to assisting the global accounting profession through education.
IFAC is pleased to respond to the IFRS Foundation’s Proposed Targeted Amendments to the IFRS Foundation Constitution to Accommodate an International Sustainability Standards Board to Set IFRS Sustainability Standards (the “Exposure Draft” or “ED”).
In The Way Forward roadmap toward a global system for reporting on sustainability-related information, IFAC called on the IFRS Foundation to establish a new International Sustainability Standards Board (ISSB). Today we reiterate our support. With its independence, good governance, and track record of due process, the IFRS Foundation is uniquely positioned to establish an independent ISSB within existing IFRS governance—comprised of the Monitoring Board, IFRS Foundation Trustees, and IFRS Advisory Council. The proposed multi-stakeholder expert consultative committee will also be crucial to bringing the right stakeholders to the table in support of the standard-setting activities of the new Board.
IFAC’s response strongly supports the four-point strategy put forth in the Trustees’ proposals:
The ISSB will have an investor focus on enterprise value
The ISSB will prioritize climate-related reporting first
The ISSB will build on the work of existing initiatives
IFAC CEO Kevin Dancey said, “Agility and flexibility in the organizational arrangements supporting the establishment of the new ISSB are needed for the IFRS Foundation to move with speed—making as much progress as possible in the shortest amount of time, while remaining focused on high-quality outcomes. In our analysis, the proposed amendments appropriately incorporate this imperative, which underlies all other criteria for success. As comments from key global stakeholders come in, it is great to see such widespread and broad support for the ISSB initiative.”
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.
