Balancing urgency and effectiveness in international sustainability assurance standards

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Jun 08, 2022

On June 8, 2022, the International Audit Assurance and Standards Board (IAASB) released a statement by Tom Seidenstein, IAASB Chair, on how the IAASB is taking the next steps for new standards for ESG assurance.

With global assets in sustainability and ESG-related investment vehicles due to surpass $53 trillion by 2025, the need for reliable, neutral, and comprehensive frameworks for reporting sustainability information is evident. And policymakers and regulatory bodies have taken note. The European Union (EU) continues to negotiate terms for its Corporate Sustainability Reporting Directive. This past March, the U.S. Securities and Exchange Commission proposed new rules regarding disclosure of climate-related risks. The newly formed International Sustainability Standards Board (ISSB), which has support of the G20 and others, issued their exposure drafts for sustainability reporting for public comment. The International Organization of Securities Commissions and Financial Stability Board weighed in on climate-related disclosures as well.

Review the press release on the IAASB's website.

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