The International Federation of Accountants reiterated its call this week for an international sustainability standards board under the purview of the International Financial Reporting Standards Foundation.
The IFRS Foundation oversees the International Accounting Standards Board and the proposed international sustainability standards board would operate alongside the IASB. In September, five sustainability standard-setters — the Carbon Disclosure Project, the Climate Disclosure Standards Board, the Global Reporting Initiative, the International Integrated Reporting Council and the Sustainability Accounting Standards Board — agreed to work together more closely to harmonize their various standards and frameworks amid complaints from international financial regulators that it’s difficult for investors to reconcile the differences and all too easy for companies to promote themselves as being green by picking and choosing which standards to adhere to in their sustainability reports (
IFAC CEO Dancey welcomed the advancement of his proposal in the IFAC response to the IFRS Foundation consultation paper in a
“This is a significant opportunity to bring new relevance to professional accountants’ work in corporate reporting and assurance and will advance the public interest,” Dancey said in a statement Thursday. “The accountancy profession must continue to play an active role in helping companies, economies, and societies achieve a more sustainable future, made all the more urgent due to the climate emergency. IFAC stands ready to engage with the IFRS Foundation, as well as our member organizations and other stakeholders, to ensure the success of this important initiative.”
IFAC is urging its members and other stakeholders to review its response and engage in the consultation with the IFRS Foundation trustees.
