MB discusses the ongoing activities of the ISSB

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01 Jul, 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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