A growing, global demand for sustainability—in society, in public and private organizations, and on our planet—has fueled demand for enhancing corporate reporting. For investors and sustainability-minded stakeholders to assess a company’s future performance, they need a clear and comprehensive picture of its ability to create sustainable value over time—not just a snapshot of its finances.

The corporate reporting system needs to evolve and expand to deliver the right information—to shareholders, regulators, and the public. IFAC is committed to working on behalf of the global accountancy profession to address the evolution of standard setting and corporate reporting.

Rationalization and alignment need to occur for sustainability information to achieve its full potential. As a result, in September 2020, IFAC called for a global solution led by an International Sustainability Standards Board to sit alongside the International Accounting Standards Board under the IFRS Foundation.

We are on a journey toward a unified, coherent, global and authoritative standard-setting process, with outcomes applied everywhere. IFAC calls on the accountancy profession to lead and support this transformation—both in responding to change and anchoring it in essential skillsets.