The trustees of the International Financial Reporting Standards (IFRS) Foundation have announced the launch of a working group to further extend global sustainability in reporting standards.
The group intends to provide a space for structured engagement with enterprise value reporting initiatives presented by the trustees earlier this month.
Moreover, it aims to respond to claims from the International Organisation of Securities Commissions (IOSCO) that greater coordination is needed to “drive international consistency of sustainability-related disclosure” focusing on enterprise value creation.
Chaired by the IFRS Foundation and led by Clara Barby, who will take partial leave from the Impact Management Project (IMP) for the role, the group will also include participation from the IASB.
The working group will provide technical recommendations for the board to expand its “existing initiatives and develop standards for climate-related reporting and other sustainability topics”.
It will also be tasked with reviewing how technical expertise can be transitioned to the new board under the IFRS Foundation’s governance structure.
The first meeting of the working group is expected to take place in April 2021, with updates on progress published on the IFRS Foundation website.