New evidence came today of the global momentum toward sustainability disclosure. The International Sustainability Standard Board (ISSB) released a new guide to help jurisdictions adopt its sustainability reporting standards, S1 and S2, and announced that more than 20 jurisdictions have indicated plans to incorporate these standards into their legal or regulatory frameworks. These jurisdictions collectively represent nearly 55% of global GDP and more than 30% of global market capitalization.
Commenting on the release of the guide and the new data, Tom Seidenstein and Gabriela Figueiredo Dias, IAASB and IESBA Chairs, respectively, said, “On behalf of our Boards, we congratulate the ISSB on the release of its new adoption guide, which will help jurisdictions navigate the adoption journey and promote necessary consistency and quality for sustainability disclosure. As the IAASB and IESBA continue to progress our proposed standards on sustainability assurance and an ethics framework for sustainability reporting and assurance, we welcome all initiatives aiming at building the necessary capacity and understanding to achieve a consistent application of sustainability related standards, including assurance and ethics standards. Our collective goal is to strengthen stakeholders’ trust and confidence in disclosures.”
International Accountancy Profession Commits to Empower Sustainability Transformation
ATHENS, Greece -- The International Federation of Accountants (IFAC) congratulates the IFRS Foundation and the ISSB on their announcement today that more than twenty jurisdictions, representing over half the global economy by GDP, have already decided to use, or are taking steps to introduce, ISSB Standards in their legal or regulatory frameworks.
IFAC Chief Executive Officer Lee White, speaking from the 49th IOSCO Annual Meeting in Athens, said, “IFAC was an early advocate for a harmonized, global system for the disclosure of sustainability-related information, and we continue to actively support and contribute to coordinated efforts to develop and deliver such a system. Today’s announcement by the IFRS Foundation confirms strong global momentum for the ISSB Standards and is particularly powerful given it comes less than a year after IOSCO’s endorsement of ISSB Standards IFRS S1 and IFRS S2. I wish to recognize the leadership of the IFRS Foundation and ISSB on the milestone they’ve achieved.”
IFAC is a collaborating partner with the IFRS Foundation on its Regulatory Implementation Programme, a component of the Guide, which includes the development of tools, educational materials and other initiatives to advance capacity building in support of ISSB Standards.
As part of the global ecosystem working to support consistent and comparable sustainability-related information, IFAC also recently convened leaders from across the Asia-Pacific region and Latin America in two separate events held in Singapore and Bogota, Colombia, respectively. The objective of these assemblies was to discuss and advance the transformation occurring both within businesses and the accountancy profession related to sustainability disclosure. A program of regional assemblies through to 2026, including one in the Middle East later this year, is currently being finalized.
Mr. White said, “The global business community has commenced its sustainability reporting and assurance journey, and the global accountancy profession -- which is undertaking critical roles using the ISSB Standards, the IAASB’s forthcoming International Standard on Sustainability Assurance, and the IESBA’s proposed standards for ethical considerations in sustainability reporting and assurance -- is central to the transformation of sustainability reporting, and to empowering this change.”
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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 more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.
