As the global voice of the accountancy profession, IFAC has long supported the establishment of the International Sustainability Standards Board (ISSB) to develop a comprehensive global baseline of sustainability disclosures—which are now endorsed by IOSCO and are ready to be adopted and implemented around the world.  High-quality implementation of IFRS S1 and IFRS S2 is critical to the ISSB’s mission.  

We congratulate the ISSB for addressing “climate first” with IFRS S2 and also delivering IFRS S1 requirements for broader disclosure of investor-focused information about sustainability-related risks and opportunities. Next, companies need a global baseline for a holistic, narrative analysis of how reporting entities create, preserve, or erode value over time, including how sustainability disclosures are connected to financial position and performance.     

IFAC CEO Kevin Dancey said, “Our research clearly shows that companies are moving away from stand-alone sustainability reports—at least in terms of timing and same location. Investors need a consistent, comprehensive view, and companies need a timely pragmatic solution to the connected reporting issue.  The <IR> Framework that is commonly used to provide up front narrative information coupled with the IASB’s prior work on Management Commentary provide a constructive roadmap for the two boards to move with pace, just like they did  with S1 and S2, to develop a new template for explaining how a company creates sustainable value.”  

The ambition and momentum demonstrated by the ISSB since it was announced at COP 26 must continue, and we urge the Board to use the results of this agenda consultation to set out a clear timeline for addressing additional sustainability topics including biodiversity and human capital/rights issues.  

IFAC continues its call on the global accountancy profession to work with local regulators and stakeholders to support the adoption of ISSB standards, to help build capacity for their implementation alongside any local complementary reporting requirements, and to continue to contribute our expertise and feedback to the ISSB as its important standard setting work continues. 

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 IAASB is holding a range of engaging webinars and events to enhance understanding of the newly proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements—and encourage participation in the public consultation.

1. Amplified Engagement through Stakeholder Survey: Recognizing the diverse perspectives and levels of expertise within our stakeholder community, an alternative avenue for feedback has been developed. In addition to the comprehensive Explanatory Memorandum and Response Template, the IAASB has created a stakeholder survey. This user-friendly tool allows the IAASB to obtain the views of stakeholders who may not ordinarily respond to IAASB consultations, including preparers of sustainability information, those with the oversight of its preparation, investors and other users of the sustainability information, sustainability reporting standard setters and members of the academic community. Survey responses will be aggregated and analyzed in conjunction with other feedback received.

2. Webinars for Enhanced Understanding: Learn more about ISSA 5000 at these dedicated IAASB webinars for practitioners and regulators, offered at two different times to allow for global participation.

• Dates & Times: September 6, 1-2:30 pm ET and September 7, 8-9:30 am ET
• Register Here for September 6
• Register Here for September 7

3. Empowering Global Exchange at Notable Events: Mark your calendars for these events that offer opportunities for learning, sharing, and networking.

• Corporate Disclosures webinar: Introducing a new global standard for sustainability assurance
  • Date & Time: September 22 at 3 pm BST / 10 am ET
  • Register Here
• IFAC Sustainability Summit–Asia Pacific: A collaborative endeavor with the ASEAN Federation of Accountants, Confederation of Asian and Pacific Accountants, South Asian Federation of Accountants, and Jeju Group.
  • Dates & Times:
    • September 27, 8:30-10:30 am Mumbai / 1:00-3:00 pm Melbourne / 10:00 am-12:00 pm Jakarta / 11:00 am-1:00 pm Singapore / 12:00-2:00 pm Tokyo / 4:00-6:00 am London / 11:00 pm-1:00 am New York
      • Register Here for day one, September 27
    • September 28, 10:30 am-1:00 pm Mumbai / 3:00–5:30 pm Melbourne / 12:00-2:30 pm Jakarta / 1:00-3:30 pm Singapore / 2:00-4:30 pm Tokyo / 6:00-8:30 am London / 1:00–3:30 am New York
      • Register Here for day two, September 28
• IFAC & Accountancy Europe In-Person Event: Preparing for High-Quality Sustainability Assurance Engagements
  • Date, Time & Location: October 3 at 2 pm CEST in Brussels
  • Register Here

For further details and updates, visit the IAASB website: iaasb.org/ISSA5000