IFAC issues support for IOSCO’s sustainability report

The International Federation of Accountants (IFAC) has issued its support for the International Organization of Securities Commissions’ (IOSCO) recent sustainability report.

IOSCO’s report outlines the security body’s expectations for the International Financial Reporting Standards (IFRS) Foundation’s work towards global investor-focused sustainability standards.

Both IOSCO and IFAC support the foundation’s efforts, which include an International Sustainability Standards Board (ISSB) focusing on enterprise value creation.

However, IFAC is in agreement with IOSCO’s analysis that investors are not currently getting the information they need from sustainability disclosures and that a global “building blocks approach” to achieving sustainability is needed.

Kevin Dancey, IFAC’s CEO, said: “IOSCO sets out a clear vision for the way forward on sustainability-related reporting—one that IFAC whole-heartedly agrees with. A global system for sustainability-related reporting will meet the information needs of investors and stakeholders more broadly.

“IFAC encourages IOSCO to continue actively engaging with the IFRS Foundation so that the unprecedented and necessary momentum toward establishing an ISSB can be maintained.”