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IFAC encourages a building blocks approach for reporting sustainability-related information

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May 06, 2021

On May 6, 2021, the International Federation of Accountants (IFAC) published a revised building blocks approach to reporting sustainability information — enhancing its previously issued roadmap "Enhancing Corporate Reporting: The Way Forward" released in September 2020 and calling for the creation of a new sustainability standards board that would exist alongside the IASB under the IFRS Foundation.

As in the predecessor publication, IFAC continues to support a new standard-setting board under the IFRS Foundation that can lead to the coordination and harmonization of reporting and provide a baseline of requirements addressing sustainability information that is material to enterprise value. With the new publication, IFAC hopes to foster discussion on how the building blocks approach can deliver a global system for consistent, comparable, and assurable sustainability-related information that best meets the needs of investors and other stakeholders.

Review the press release and Enhancing Corporate Reporting: Sustainability Building Blocks on the IFAC's website.

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