MB discusses the ongoing activities of the ISSB

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Jul 01, 2022

The IFRS Foun­da­tion Mon­i­tor­ing Board (MB) has released a short report on the meeting with the IFRS Trustees and the lead­er­ship of the International Accounting Standards Board (IASB) and International Sus­tain­abil­ity Standards Board (ISSB) in Montreal. Given current de­vel­op­ments, much of the meeting was devoted to the ongoing public con­sul­ta­tion by the ISSB on the draft standards.

The MB welcomed the strong momentum towards es­tab­lish­ing IFRS Sus­tain­abil­ity Dis­clo­sure standards and strongly en­cour­aged all stake­hold­ers to continue engaging with the ISSB and to respond to their con­sul­ta­tion. They noted:

We welcome that the ISSB is par­tic­u­larly in­ter­ested in obtaining feedback from a variety of stake­hold­ers to un­der­stand whether the proposals will provide useful in­for­ma­tion to investors and are capable of being applied and accepted globally, including by smaller companies and those in emerging markets.

The MB also en­cour­aged the ISSB to continue their outreach with preparers from different in­dus­tries and sizes.

As regards global adoption of the final standards, the MB noted that the outreach program that the ISSB has embarked on during the con­sul­ta­tion period was a positive step to putting into practice an effective building blocks approach to the in­ter­op­er­abil­ity of the ISSB global baseline. In that context, the report notes, the MB strongly supports the ISSB’s ongoing en­gage­ment with a wide variety of stake­hold­ers, including through the formation of the Ju­ris­dic­tional Working Group.

Please click to access the full report on the IOSCO website.

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