IFAC calls on stakeholders to prepare now for global sustainability reporting standards
10 Sep, 2021
The International Federation of Accountants (IFAC) published a framework for implementing global sustainability standards at the local level. It focuses on the May 2021 'building blocks approach'. IFAC believes that jurisdictions must begin examining how global standards that the envisioned International Sustainability Standards Board (ISSB) would develop can fit together with sustainability-related reporting requirements set at the jurisdictional level.
The ongoing work of the IFRS Foundation is expected to result in first standards in June 2022, including the ISSB climate standard. Jurisdictions that begin engaging with policymakers now will be able to capitalise on the forthcoming standards as soon as they are finalised. IFAC, therefore, urges its member organisations to continue their support for the IFRS initiative, to engage now with local policymakers, and to provide feedback on the framework for making global sustainability standards local.
Please click for more information on the IFAC website.
