Standard setters discuss sustainability reporting

  • IFRS - IFASS (International Forum of Accounting Standard Setters) Image
  • Leaf - sustainability (green) Image

Mar 08, 2022

The International Forum of Accounting Standard Setters (IFASS) is currently holding its spring meeting as a virtual conference. The whole morning was devoted to the discussion of sustainability reporting.

The session began with four presentations on different sustainability initiatives.

A representative of the International Sustainability Standards Board (ISSB) explained about the growing and urgent demand for global standards to improve consistency and comparability that led the IFRS Foundation Trustees to establish the ISSB and to generally create the necessary institutional arrangements and technical groundwork for a global sustainability standard setter for the financial markets. After publication of prototype requirements on Climate-related Disclosures and on General Requirements for Disclosure of Sustainability-related Information in November 2021, the development of exposure drafts is well under way, the publication of the exposure drafts is expected by the end of March 2022. Chair and Vice Chair of the ISSB still need to decide on the comment letter period and whether to approach the DPOC for a shortened comment letter period (three months). The look and feel of the exposure drafts will be very similar to IASB exposure drafts and also include a comprehensive basis for conclusions. The ISSB representative concluded with a call to action and encouraged the IFASS members to familiarize themselves with the prototypes and to get ready to respond to the upcoming consultation documents by engaging with stakeholders in their jurisdictions.

Review a summary of the meeting on our global website.

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