The IESBA’s Rollout initiative is intended to promote awareness and support the adoption and effective implementation of the changes to the International Code of Ethics for Professional Accountants (including International Independence Standards) (“the Code”) arising from the IESBA’s Definitions of Listed Entity and Public Interest Entity project.

The Working Group will release materials that facilitate this initiative, such as but not limited to

Today, the International Federation of Accountants (IFAC) released a new report providing insight into climate-related disclosure. Getting to Net Zero: A Global Review of Corporate Disclosures focuses on corporate emissions reduction reporting. It finds that inconsistency and incomparability of target disclosures may pose challenges for investors, regulators, and other stakeholders who require actionable information. The report’s findings strongly support the movement in global policy towards rapidly enhancing the usefulness of disclosures on climate-related targets and transition plans.

Getting to Net Zero is based on 2020 corporate reporting and provides a useful benchmark for climate disclosures which are under development by the International Sustainability Standards Board (ISSB), the U.S. Securities and Exchange Commission (SEC), and the European Financial Reporting Advisory Group (EFRAG), among other initiatives. The report also comes during the COP27 conference in Sharm El-Sheikh, Egypt, where delegates from over 190 countries, many of which have proposed or set net-zero targets for around mid-century, gather to discuss and progress climate actions.

“With COP27, this is perfect time to dig into what is being disclosed and explore how emissions disclosures need to become more decision-useful,” said IFAC CEO Kevin Dancey. “The accountancy profession is well positioned to drive improvements in climate reporting, ensuring information is trusted and decision-useful for management and boards, investors, and all stakeholders.”

Some key takeaways from Getting to Net Zero include:

• 66% of the large, exchange-traded companies IFAC reviewed included some type of emissions reduction target in their corporate disclosures.
• These emissions targets used a variety of terminology and only 39% incorporated Scope 3 emissions.
• Most companies (90%) who disclose emissions targets also provide a disclosure about how they plan to reach their target.
• Only 24% of companies with a plan include some past expenditure or future estimate of expenditures to implement plan actions.

About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

The 7th edition of the Africa Congress of Accountants (ACOA2023) will be hosted in Abidjan, Côte d'Ivoire from 15-18 May 2023 under the theme Structural Transformation and Growth of Africa Economies. This unique edition of the congress will gather more than 2000 delegates and speakers from more than 65 English-, French-, and Portuguese-speaking countries, and provide an excellent opportunity to connect, share, and expand in Africa.

This November ICAEW will hold its second five-day virtual climate summit, bringing members from across the profession together on the issue of climate change.

With growing climate concerns an ever-present consideration for companies around the world, what can – and should – finance professionals be doing to support efforts towards net zero, sustainability and green finance?

For today’s event we are partnering with the Institute of Chartered accountants in England and Wales and focusing on the impact and potential outcomes of the current global energy crisis. How this is impacting us, what is likely to happen next and what can be done about it. We start with 3 presentations. Firstly a segment on ’resilience’ and how we can take steps to mitigate / resolve / address the impact of the energy crisis. Then a ‘people’s perspective’ on what is happening now and what may happen in future.

Earlier today, the Staff of the International Ethics Standards Board for Accountants (IESBA) released a Questions & Answers (Q&A) publication, Ethics Considerations in Sustainability Reporting, Including Guidance to Address Concerns about Greenwashing. The publication highlights the relevance and applicability of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to ethics-related challenges in the context of sustainability reporting and assurance, especially circumstances involving misleading or false sustainability information (i.e., “greenwashing”). 

Among other matters, the publication spotlights key provisions in the Code that apply in preparing and presenting sustainability information. It emphasizes the professional accountant’s obligation to be straightforward and honest and refrain from being associated with information that is misleading or false, including in situations where they might experience pressure to do so.

The publication is intended to assist professional accountants, especially those in business, but might also be of interest to other professionals involved in preparing sustainability reports or disclosures. It will also be useful to regulators and audit oversight bodies, policy makers, investors, those charged with governance, national standard setters, professional accountancy organizations, and others with an interest in the work of professional accountants and in sustainability reporting and assurance.

About IESBA

The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA serves the public interest by setting ethics standards, including auditor independence requirements, which seek to raise the bar for ethical conduct and practice for all professional accountants through a robust, globally operable International Code of Ethics for Professional Accountants (including International Independence Standards).

The IESBA believes a single set of high-quality ethics standards enhances the quality and consistency of services provided by professional accountants, thus contributing to public trust and confidence in the accountancy profession. The IESBA sets its standards in the public interest with advice from the IESBA Consultative Advisory Group (CAG) and under the oversight of the Public Interest Oversight Board (PIOB).

Do you want to learn more about the $1 trillion USD sustainable debt market and other sustainability developments that will impact CPAs in practice and their clients? Join CPA Canada and the International Federation of Accountants (IFAC) for an: