عرض العناصر حسب علامة : IFAC
الإثنين, 03 يناير 2022 09:55
الاتحاد الدولي للمحاسبين يتعهد بتقديم الدعم المستمر لمجلس معايير الاستدامة الدولية الجديد تُعنى معايير الاستدامة الدولية بتقديم إفصاحات عن الاستدامة تركز على متطلبات المستثمرين
يرحب الاتحاد الدولي للمحاسبين، الذي يتكون من 180 عضواً بالإضافة إلى المنظمات التابعة التي تمثل أكثر من 3 مليون محاسب مهني على مستوى العالم، بتأسيس مجلس معايير الاستدامة الدولية
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محاسبة و مراجعة
الثلاثاء, 07 ديسمبر 2021 12:22
الاتحاد الدولي للمحاسبين يرسم الطريق إلى الأمام لتأكيد معلومات الاستدامة
نشر الاتحاد الدولي للمحاسبين (IFAC) اليوم رؤيته الخاصة بتأكيد عالي الجودة لمعلومات الاستدامة
معلومات إضافية
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المحتوى بالإنجليزية
Today, the International Federation of Accountants (IFAC) published its vision for high-quality assurance of sustainability information—calling out best practices identified during its year-long, global engagement campaign related to the State of Play in Sustainability Assurance. This vision addresses the importance of global standards, regulation that supports decision-useful disclosure, and the value of an interconnected approach to sustainability and financial information reporting and assurance.
“In order to be trusted, sustainability disclosure must be subject to high-quality, independent, external assurance,” said IFAC CEO Kevin Dancey. “Sustainability information must take its rightful place in the corporate reporting ecosystem and stakeholder confidence must be on par with financial reporting. Given the announcement of the International Sustainability Standards Board, the publication of a Climate Prototype, and IOSCO’s continued support for the initiative, it’s an appropriate time for regulators and authorities to put sustainability assurance on the agenda, as already proposed in the EU’s Corporate Sustainability Reporting Directive. We urge IFAC member organizations to promote high-quality reporting and assurance through discussions with policymakers, regulators, investors, and other stakeholders.”
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محاسبة و مراجعة
الأحد, 05 ديسمبر 2021 20:58
منتدى مستقبل مستدام
معلومات إضافية
- البلد عالمي
- نوع الفعالية مجانا
- بداية الفعالية الثلاثاء, 07 ديسمبر 2021
- نهاية الفعالية الأربعاء, 08 ديسمبر 2021
- التخصص محاسبة ومراجعة
- مكان الفعالية أونلاين
نشر في
فعاليات مهنية
موسومة تحت
الأربعاء, 28 سبتمبر 2022 14:30
تعزيز تقارير الشركات: إعادة النظر في لبنات بناء الاستدامة
نشر الاتحاد الدولي للمحاسبين تحديثًا قصيرًا من صفحتين لخارطة الطريق إلى الأمام للإبلاغ عن معلومات الاستدامة
معلومات إضافية
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المحتوى بالإنجليزية
Dear Colleagues,
Today, IFAC published a short, two-page update to our The Way Forward roadmap for reporting sustainability information that we issued last September. This new “schematic” endeavors to explain how a “building blocks approach” encourages a global system of consistent, comparable, and assurable sustainability information that enhances corporate reporting.
Admittedly, there is some confusion about how this actually works, so we have tried to remove some of the complexity and more clearly demonstrate how various reporting initiatives at the global and jurisdiction level can best fit together to meet the needs of all stakeholders.
Block 1: Investor-focused sustainability information that is material to Enterprise Value. To meet the needs of capital markets, these standards must be global, and we have called on the IFRS Foundation to set up a new sustainability standards board.
Block 2: Multi-stakeholder focused sustainability reporting that helps a wider range of stakeholders understand a company’s positive and negative contributions to sustainable development and impacts on economy, environment, and people. This reporting could be based on global standards or guidance and/or jurisdiction-specific requirements to meet specific public policy objectives.
The IFRS Foundation appears to be moving decisively toward establishing a new International Sustainability Standards Board (“ISSB”) that will provide a global foundation—Block 1. One benefit of this approach is that connectivity can be established between traditional financial reporting (under the IASB) and sustainability information material to enterprise value (under the new ISSB). These baseline, investor-focused sustainability standards may become mandatory in some jurisdictions or could be used as best-practice guidelines in others.
Reporting with a multi-stakeholder focus (Block 2) is likely to be harder to harmonize at the global level because stakeholders who want this information are often concerned with specific public policy/societal objectives that vary between jurisdictions. To the extent that widely accepted sustainability reporting initiatives can fill these jurisdiction-specific needs, more harmonization and comparability can be achieved.
The building blocks approach relies, to the extent possible, on defining reporting requirements in a way that allows companies to collect specific information and data on a given sustainability matter once, and then use that same information to satisfy reporting requirements under either Block 1 or Block 2, as appropriate. Digital tagging of reported information can facilitate this “interoperability.”
Finally, it’s important to recognize that the building block approach supports the evolution that can occur in sustainability topics over time. The information that broader societal stakeholders want today can quickly become information that investors factor into their asset allocation decisions—and may ultimately end up being reflected in GAAP financial statements and disclosures. Page 2 of the schematic includes a carbon emissions example to illustrate this point.
Since IFAC issued its Way Forward roadmap last year, we have seen the announcement of the Value Reporting Foundation, the incorporation of TCFD’s framework into a climate prototype, an emerging discussion in the U.S. about climate (and possibility broader ESG) disclosures, the forward-looking discussion led by the FRC in the U.K. on the future of corporate reporting, and aspirational draft legislation from the European Commission that proposes to put sustainability-related information on a level footing with financial information. All of this, plus decisive steps by the IFRS Foundation, including last week’s proposed amendments to the Constitution of the Foundation that accommodate setting up an ISSB. IFAC urges our member organizations to provide their comments to the IFRS Trustees.
All of this is great progress and has served to clarify IFAC’s thinking about the journey ahead. We welcome your feedback on the approach we have outlined here, and we hope to see you at future IFAC events addressing the building blocks approach and the broader journey to an enhanced corporate reporting world.
Cheers!! - البلد عالمي
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محاسبة و مراجعة
الجمعة, 03 ديسمبر 2021 12:36
إعادة تقرير الشركات
وجهة نظر الاتحاد الولي للمحاسبينIFAC
معلومات إضافية
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المحتوى بالإنجليزية
Enhancing Corporate Reporting
Corporate reporting should capture all relevant information about organizations. However, investors and other stakeholders are demanding more, higher-quality information and insights about company performance, risks, opportunities, and long-term prospects than are available from the conventional financial reporting process. To be accountable, companies need to provide a clear and comprehensive picture of their organization’s ability to create sustainable value over time.
IFAC sees a significant opportunity to enhance trust in companies and confidence in markets by including information in corporate reporting that is relevant, reliable, and comparable with respect to measures derived from the financial statements (i.e., “non-GAAP” or “non-IFRS” measures), other “Key Performance Indicators” connected to financial performance, and broader information related to value creation, sustainability or environmental, social, and governance factors.
Our partnership with the International Integrated Reporting Council shows our support for enhancing corporate reporting by including a broader scope of narrative disclosures and metrics. Integrated thinking and forward-looking reporting enable organizations to communicate effectively — and stakeholders to understand — prospects for longer-term value creation. A number of additional standard-focused initiatives and frameworks have also emerged to convey this information.
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1. Need for Enhancing the Corporate Reporting System
2. Integrated Reporting
3. Role of Accountancy Profession in Enhancing Corporate Reporting
4. The Way Forward
1. Need for Enhancing the Corporate Reporting System
The corporate reporting landscape has become a mosaic of mandatory and voluntary disclosures under various frameworks and standard-setting initiatives – primarily focused on value creation, sustainability, and environmental, social and governance factors. Stakeholders find it difficult to rationalize the information being provided and to understand the linkage to financial information.1
IFAC believes that this reporting ecosystem, consisting of multiple and competing reporting workstreams, does not best serve the interests of capital markets, companies or their stakeholders. The resulting complexity and lack of comparability can lead to inefficiency and increased costs — for both companies and investors.2
IFAC supports the development of and convergence towards relevant, reliable, and comparable narrative information and metrics (e.g., non-monetary volumes, number counts, ratios, percentages, etc.) for which suitable criteria can be developed to facilitate assurance conclusions.
IFAC believes that such broader-based corporate reporting serves the public interest and that alignment needs to occur before a fragmented or regional approach to reporting and regulation becomes ensconced as standard practice. Both companies and investors increasingly support this approach.3 Ideally, coalescing around best market practices or accepting a single set of high-quality standards should occur before regulatory intervention.
IFAC supports the efforts of all participants in the Corporate Reporting Dialogue, the Task Force on Climate-Related Financial Disclosures, World Business Council for Sustainable Development, and other organizations who contribute valuable input toward the goal of enhancing corporate reporting. At the same time, IFAC reiterates the need for the emergence and implementation of a uniform, global approach.
2. Integrated Reporting
The International Integrated Reporting Council’s umbrella framework provides a basis for narrative information and metrics that enable organizations to more effectively communicate their ability to create value over time.
IFAC believes that integrated reporting, bringing together the relevant information about a company, provides a holistic picture of performance and provides insights on an organization’s ability to create sustainable value over time. Integrated reporting enables companies of all sizes and sectors and their stakeholders to focus on the key factors (or “multiple capitals”) relevant to long term value creation through the lens of governance, strategy, and the business model.
Crucially, we believe that integrated reporting supports “integrated management thinking” - which fosters organizational decision-making and change focused on broader, longer term value creation. Integrated thinking will hopefully lead to better outcomes from corporate reporting that addresses systemic risks to capital and financial market systems and sustainable development challenges.
We encourage regulators and standard-setters to use the International Integrated Reporting Framework as a foundation for incorporating and organizing information about value creation and impacts, including narrative reporting and metrics from the various standard-setting initiatives. A common framework can facilitate the development of best practices and standardization.
In many jurisdictions, the management report (“MD&A” or equivalent) might be the most appropriate channel for including integrated and supplementary narratives and metrics. IFAC supports the efforts of the IASB to update guidance in its Management Commentary Practice Statement – intended to be compatible with jurisdictional requirements and various frameworks and initiatives such as integrated reporting.
3. Role of Accountancy Profession in Enhancing Corporate Reporting
The profession has a key role to play in the development and implementation of reporting frameworks and standard-setting initiatives that go beyond traditional financial reporting, including development of robust internal control processes and systems, assurance, as well as identifying, measuring, and reporting relevant metrics that are supported by best practices or reporting standards.
IFAC believes that the technical skills, business expertise, and trusted professionalism of accountants are key requirements to working effectively with standard setters, reporting entities, regulators, and other interested stakeholders toward the goal of enhancing corporate reporting. Professional accountants, as employees in a business or as practitioners in a firm, help companies formulate strategies, measure and manage performance, implement reporting and internal control systems, analyze information, and develop governance and risk management policies. These activities are key to the evolution of evidence-based decision-making, reliable information gathering, and consistent and comparable reporting on matters of value creation, sustainability, or environmental, social and governance factors.
IFAC believes that assurance is critical to confidence in corporate reporting and delivering relevant, reliable, and comparable information. Efforts like the IAASB’s initiative on Extended External Reporting (February 2019) - intended to advance the assurance of non-financial information (including integrated reporting, sustainability reporting, and other reporting about environmental, social, or governance matters) - can improve user confidence, enhance access to capital, assist companies in developing systems and processes, and promote comparability. IFAC supports additional work towards the evolution of assurance practice with respect to non-financial information.
We believe engagement with the accountancy profession, given the trend towards enhancing the scope of corporate reporting, will maximize the benefit to reporting entities and their stakeholders. The profession must meet the challenge of developing new areas of expertise necessary to support enhancing corporate reporting.
4. The Way Forward
The time for a global solution is now—to answer the demand from investors, policymakers and other stakeholders for a reporting system that delivers consistent, comparable, reliable, and assurable information relevant to enterprise value creation, sustainable development and evolving expectations. A fragmented approach perpetuates inefficiency, increased cost, and a lack of trust. Important work is underway (e.g., WEF/IBC metrics, IOSCO’s task force, EFRAG’s preparatory work, and alignment between the leading reporting initiatives), and these efforts should continue and ultimately contribute to the emerging global system.
Global Approach: A new standard setting board is necessary to build and coordinate a coherent global system of interconnected corporate reporting.
Structure
The IFRS Foundation, with an enhanced remit and composition, should create an International Sustainability Standards Board (“ISSB”), leveraging the independence and success of IFRS governance (i.e., Monitoring Board and IFRS Foundation Trustees) to develop global standards and rationalize the current fragmented ecosystem.
Clear support from global institutions like IOSCO and appropriate funding are critical to success.
The IASB must remain focused on financial reporting standards. Coordination between the ISSB and IASB will be necessary to avoid overlaps and gaps (e.g., Management Commentary).
Applicability of ISSB standards should be determined (e.g., SMEs vs. PIEs).
The ISSB should engage with both IFRS and non-IFRS jurisdictions to encourage global adoption and use.
Building Blocks
Block 1: Requirements for material non-financial information focused on company performance, risk profile, economic decisions and enterprise value creation should be the remit of the ISSB. This focus is consistent with the work of the IASB and will attract broad global support.
Block 2: The ISSB should also collaborate with respect to reporting requirements designed to address broader, material sustainable development and company impacts on economy, environment, and people. These requirements may ultimately be incorporated or endorsed into ISSB standards.
Block 3: The system should accommodate supplemental jurisdictional requirements to support local public accountability. These should not detract from Blocks 1 or 2 and may be absorbed into them over time.
Framework: Financial and non-financial information should be connected through a conceptual framework. Integrated reporting principles and the work of TCFD should serve as a starting point.
Completing the Ecosystem
Corporate governance must evolve to provide effective oversight of expanded reporting obligations.
Enhanced corporate controls and data systems will be necessary to generate high quality information.
Assurance is a necessary component of the global system. The work by the IAASB will play a critical role.
Reporting standards and assurance processes must be digital ready.
Professional accountants and firms need to continue to enhance their competencies to prepare and assure this new information and work closely with experts in sustainability and other fields.
Providers of sustainability/ESG ratings, rankings or indices should embrace the development of global reporting requirements so that consistent, comparable, reliable, and assurable information can be incorporated into their work.
Public sector reporting should also evolve to require more comprehensive information. - البلد عالمي
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محاسبة و مراجعة
موسومة تحت
الأربعاء, 17 نوفمبر 2021 15:27
استبيان استشارات المنشات الأقل تعقيدًا
يطلقه IAASB & IFAC
معلومات إضافية
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المحتوى بالإنجليزية
IAASB & IFAC RELEASE LESS COMPLEX ENTITIES CONSULTATION SURVEY
New Way to Participate in the Consultation Available in English, French, Spanish
Nov 15, 2021 | New York, New York | English
In late July, the International Auditing and Assurance Standards Board (IAASB) opened a six-month public consultation on its landmark new proposed standard for audits of financial statements of less complex entities (LCEs).
While the IAASB encourages all interested stakeholders to respond to the consultation in writing, it recognizes that some may not have the time or resources to do so. To help, the International Federation of Accountants and the IAASB developed a survey to offer an alternative way to participate in the consultation and provide your views. The survey is open until January 14, 2022 and is available in English, French and Spanish by clicking the language selector in the survey’s top right corner.
Survey responses will be analyzed by the IAASB alongside all other feedback and help shape the final standard; individual survey responses are confidential. - البلد الأردن
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محاسبة و مراجعة
الثلاثاء, 16 نوفمبر 2021 14:57
ندوة عبر الويب EFAA-IFAC: الاستدامة توفر فرصًا جديدة للشركات الصغيرة والمتوسطة
معلومات إضافية
- البلد عالمي
- نوع الفعالية مجانا
- بداية الفعالية الأربعاء, 15 ديسمبر 2021
- نهاية الفعالية الأربعاء, 15 ديسمبر 2021
- التخصص محاسبة ومراجعة
- مكان الفعالية أونلاين
نشر في
فعاليات مهنية
موسومة تحت
الأحد, 14 نوفمبر 2021 08:06
مؤسسة IFRS تشكل مجلس معايير الاستدامة الدولية، وتدمج مؤسسة الإبلاغ عن القيمة VRF ومجلس معايير الإفصاح عن المناخ CDSB
أطلقت مؤسسة المعايير الدولية لإعداد التقارير المالية رسمياً مجلس معايير الاستدامة الدولية يوم الأربعاء الماضي وأعلنت عن خطط لتوحيد مؤسسة الإبلاغ عن القيمة -المجموعة المدمجة حديثًا التي توحد مجلس معايير محاسبة الاستدامة مع المجلس الدولي للإبلاغ المتكامل -بالإضافة إلى مجلس معايير الإفصاح عن المناخ، وهو مبادرة من مشروع الافصاح عن الكربون بحلول يونيو 2022.
معلومات إضافية
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المحتوى بالإنجليزية
IFRS Foundation forms International Sustainability Standards Board, consolidates VRF and CDSB
By Michael Cohn
November 03, 2021, 6:45 a.m. EDT
17 Min Read
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The International Financial Reporting Standards Foundation formally launched the International Sustainability Standards Board on Wednesday and announced plans to consolidate the Value Reporting Foundation — the recently merged group uniting the Sustainability Accounting Standards Board with the International Integrated Reporting Council — as well as the Climate Disclosure Standards Board, an initiative of the Carbon Disclosure Project, by June 2022.
The move to merge together the VRF, SASB, the IIRC and the CDSB within one sustainability standard-setter comes in response to demands from financial regulators at the International Organization of Securities Commissions and investors for more alignment between the sometimes competing standards and frameworks for environmental, social and governance reporting, to avoid greenwashing by companies. The formal launch was timed to coincide with the United Nations’ COP26 climate change conference in Glasgow, Scotland, where world leaders are meeting to talk about how to curb the accelerating pace of rising temperatures and natural disasters across the planet. The new International Sustainability Standards Board is expected to develop a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors’ information needs.
Last year, SASB and the IIRC announced plans to merge to form the Value Reporting Foundation, with the possibility of the CDSB joining them as well. The three groups, along with the Carbon Disclosure Project and the Global Reporting Initiative, all agreed to further align their standards, but the IFRS Foundation, which also oversees the International Accounting Standards Board, soon announced its own plans to explore the creation of an International Sustainability Standards Board that it would oversee alongside the IASB (see story). Most of the other standard-setters had agreed to participate in a Technical Readiness Working Group for the proposed ISSB, but now it appears most of them will be absorbed into the new ISSB. The GRI, however, is still expected to remain independent after the ISSB is formed.
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“Sustainability, and particularly climate change, is the defining issue of our time,” said IFRS Foundation chair Erkki Liikanen in a statement. “To properly assess related opportunities and risks, investors require high-quality, transparent and globally comparable sustainability disclosures that are compatible with the financial statements. Establishing the ISSB and building on the innovation and expertise of the CDSB, the Value Reporting Foundation and others will provide the foundations to achieve this goal.”
They are also publishing prototypes of climate and general disclosure requirements developed by the Technical Readiness Working Group, a group formed by the IFRS Foundation Trustees to undertake preparatory work for the ISSB. The prototypes are the result of six months of joint work by representatives of the CDSB, the IASB, the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD), the VRF and the World Economic Forum, supported by the International Organization of Securities Commissions (IOSCO) and its Technical Expert Group of securities regulators. The TRWG has consolidated some aspects of these organizations’ content into a unified set of recommendations for consideration by the ISSB.
The ISSB will sit alongside and work in close cooperation with the IASB to provide connectivity and compatibility between IFRS accounting standards and the ISSB’s standards, which will be called IFRS Sustainability Disclosure Standards. Both boards will be overseen by the IFRS Foundation trustees, who in turn will be accountable to a Monitoring Board of capital market authorities responsible for corporate reporting in their jurisdictions. The ISSB and the IASB will be independent, and their standards will complement each other to provide comprehensive information to investors and other providers of capital.
‘Development of the ISSB’s global baseline will deliver transformative change in sustainability disclosures for the financial markets,” Mary Schapiro, former chair of the Securities and Exchange Commission, and current head of the TCFD Secretariat, said in a statement. “The TCFD welcomes the formation of the ISSB, which builds upon the foundation of the globally-accepted TCFD framework and the work of an alliance of sustainability standard setters. The ISSB represents a major step forward in establishing consistent, comparable global reporting standards.”
Richard Sexton and Robert K. Steel, co-chairs of the Value Reporting Foundation Board, backed the move to consolidate their organization within the new ISSB. “Today’s announcement is a reflection of the changed world we live in — a world in which sustainability and long-term thinking are increasingly at the heart of business and investor decision-making,” they said in a joint statement. “This is a transformation that both the IIRC and SASB helped lead, made possible by the many thousands of stakeholders who volunteered time and offered resources to develop the Integrated Thinking Principles, Integrated Reporting Framework and SASB Standards that are today used by businesses and investors around the world. The Value Reporting Foundation Board believes the consolidation announced today will help deliver effective disclosures to drive global sustainability performance. We count on your continued collaboration as we embark on this exciting next step.”
CDSB chairman Richard Samans and CDP CEO Paul Simpson also issued a joint statement of support. “CDP pioneered environmental disclosure 20 years ago and has hosted CDSB since its formation in 2007,” they stated. “CDSB’s global partnership of business and environmental organizations supported by the international accounting community was formed to create a generally-accepted framework for corporate reporting of material climate, environmental and social information to investors and regulators.”
The ISSB plans to develop IFRS Sustainability Disclosure Standards, including disclosure requirements to address companies’ impacts on sustainability matters relevant to assessing enterprise value and making investment decisions. The ISSB standards will be developed to facilitate compatibility with requirements that are jurisdiction specific or aimed at a wider group of stakeholders (such as the European Union’s planned Corporate Sustainability Reporting Directive as well as initiatives in the Americas and Asia-Oceania).
The G20 Finance Ministers and Central Bank Governors and the Financial Stability Board both welcomed the IFRS Foundation’s work program to develop global baseline standards for sustainability disclosures.
The IFRS Foundation reached commitments with the CDSB, whose secretariat is hosted by CDP, and the VRF to consolidate their technical expertise, content, staff and other resources with the IFRS Foundation. The technical standards and frameworks of the CDSB and the VRF, along with those of the TCFD and the Forum Stakeholder Capitalism Metrics, will provide a basis for the technical work of the new board.
“We become part of the IFRS Foundation,” said Neil Stewart, director of corporate outreach at the Value Reporting Foundation. “We become the foundation of the ISSB. What’s really great is that this is not just a matter of us handing over our standards and riding off into the sunset. This is really consolidating our people, our relationships, our IP. We’re bringing over a decade of work, of partners, of all those networks and relationships that have gone into the creation of the SASB standards and the integrated reporting framework. We’re bringing that into the ISSB. Don’t just look at this as a set of standards and a framework that they pick up and run with. It’s a whole ecosystem that now is kind of like a chrysalis coming out and hatching into the ISSB.”
Recognizing the urgency and the desire to provide the ISSB with a solid foundation on which to start its work, the trustees created the TRWG, which includes representatives from the CDSB, TCFD, IASB, VRF and the World Economic Forum, to provide recommendations to the ISSB. The TRWG has concluded its work on two prototype documents that were published Wednesday, one focusing on climate-related disclosures that build on the TCFD’s recommendations, and include industry-specific disclosures, and a second setting out general sustainability disclosures. The intention is for the ISSB to consider the prototypes as part of its initial work program.
The ISSB will also draw upon expertise from several advisory groups. Technical advice on sustainability matters will be provided to the ISSB by a new Sustainability Consultative Committee, whose members will include the International Monetary Fund, the Organization for Economic Cooperation and Development, the United Nations, the World Bank and other experts drawn from public, private and nongovernmental organizations.
The remit and expertise of the IFRS Advisory Council will be extended to provide strategic sustainability-related advice and counsel to the ISSB, as well as the IFRS Foundation trustees and the IASB. Finally, the trustees have formed a working group to create a mechanism for formal engagement on standard-setting between the ISSB and jurisdictional representatives, including from emerging markets (similar to the Accounting Standards Advisory Forum, which plays this role for the IASB).
The IFRS Foundation said it intends to leverage the existing CDSB and VRF advisory groups, which include investors and other experts who have demonstrated long-standing support for improved sustainability disclosure. In addition, the World Economic Forum’s private sector coalition will be engaged. The IFRS Foundation intends to use the International Integrated Reporting Council to give it advice on establishing connectivity between the work of the IASB and the ISSB through the fundamental concepts and guiding principles of integrated reporting.
The ISSB will have a global and multi-location presence. All regions of the world — the Americas, Asia-Oceania and EMEA (Europe, the Middle-East and Africa) — will be covered. Engagement with developing and emerging economies will also be a big priority.
The IRS Foundation Trustees are currently in advanced stages in appointing a chair and vice-chair(s) to the ISSB. They have also begun to search for additional board members up to the full complement of 14 members .
The ISSB’s work is expected to begin as soon as the chair and vice-chairs have been appointed and to begin with public consultations to inform the ISSB’s work plan and on proposals informed by recommendations from the TRWG. Following these consultations, the ISSB’s work will follow the IFRS Foundation’s due process, including public discussions by the ISSB of feedback received in response to consultations and possible improvements to the proposals prior to their finalization as standards. The entire process will be overseen by the IFRS Foundation trustees’ Due Process Oversight Committee.
It’s unclear what will happen to the ongoing work of the Value Reporting Foundation and its SASB Standards Board, as well as the new board members that the VRF named only last week, but Stewart said they would continue to meet and work on their new standards until the merger closes next June. The VRF and SASB Standards Board had been working on other initiatives besides climate change issues, in the areas of human capital, diversity, mining industry tailings management, internet content moderation and other projects.
“It’s important for us not to preempt the work of the ISSB,” said Stewart. “The chair, vice chair and board members haven’t been named. The very first thing that has to happen is for the ISSB to go out on a public consultation, not only on the climate disclosure standard, which should be the first order of business because of the urgency of climate change, they will be consulting too on what will be their priority issues. The ISSB will need to follow a very rigorous due process, which the IFRS Foundation is uniquely positioned to steer because of their history with the IASB. I would never say that here is the ISSB’s research agenda and it includes all of these research projects because it doesn’t exist yet. They have to do that public rigorous process, but those projects won’t stop in their tracks tomorrow. The SASB standards will continue to be maintained and used in the near future and the near and median term as the ISSB gets set up and they go through the initial process with the climate disclosure standard and get up and running. The merger won’t close for another eight months, and in the meantime everything keeps running.”
Reactions
Another ESG standard-setter, the Global Reporting Initiative, has not announced plans to become part of the ISSB, but expressed its readiness to engage with the group.
“GRI is pleased that the IFRS Foundation has recognized the merits of incorporating sustainability considerations into financial disclosures, through the creation of a sustainability standards board,” said GRI interim CEO Eric Hespenheide in a statement. “We also welcome that the reporting organizations with a core focus on investors needs are to come together under one house. We advocate for a comprehensive corporate reporting system, with a two-pillar structure in which robust sustainability and financial reporting are on an equal footing. The sustainability pillar, under which GRI sits, addresses a company’s external impacts on society and the environment, while the financial pillar needs to reflect sustainability risks to a company’s value. Today’s announcement marks a significant step toward strengthening that second pillar. Disclosure on a company’s financially material sustainability topics — while important from the context of helping markets to assess opportunities and risks — is not sufficient to deliver full transparency on sustainability impacts, as envisioned by the GRI standards and embraced by the EU. Corporate transparency that meets the needs of all stakeholders requires improved connectivity between sustainability and financial reporting. I therefore reiterate once again that GRI stands ready to engage with the IFRS Foundation in support of this aim. We look forward to hearing more about the remit and scope of their new ventures, as well as inputting to the development of the proposed climate standard.”
KPMG welcomed the new group. “Today’s announcement by the IFRS Foundation is a watershed moment for sustainability disclosure standards and an important step that will help harness our capital markets to secure a sustainable future,” said KPMG global chairman and CEO Bill Thomas in a statement. “You can’t change what you can’t measure, and the creation of globally consistent and transparent sustainability disclosure standards will strengthen our capital markets by helping investors and business leaders make better decisions and refocus their dynamism on long-term value creation. We all need to recognize that we have a role to play in helping solve society’s biggest challenges. The IFRS Foundation is a key ally and I am proud that KPMG has supported them on this important initiative, including through our work on Stakeholder Capitalism Metrics with the World Economic Forum.”
The Association of Chartered Certified Accountants also expressed its support. “This development means we now have a once in a lifetime opportunity to help shape global reporting standards for the benefit of investors, economies and the public good,” said Helen Brand, chief executive of ACCA and co vice-chair of the Value Reporting Foundation board, in a statement. “In December 2020, we expressed strong support for the creation of the ISSB. This is needed to address the scale of global environmental and social challenges today, accelerate the necessary reallocation of capital, and drive positive changes in corporate decision-making. With the global reach of the International Integrated Reporting Framework and the SASB Standards, the VRF can help the ISSB to achieve much-needed consistency in reporting across the world. The IFRS Foundation’s commitment to build connectivity between financial and sustainability reporting using the principles of integrated reporting is particularly welcome. We believe that this is vital to high-quality connected corporate reporting.’
ACCA also published Wednesday a policy paper, Principles for connected corporate reporting standard setting, which calls for a consistent and connected set of global reporting standards and aligns with much of what the ISSB and the VRF will be doing.
The International Federation of Accountants, which had called last year for the creation of the ISSB along with the International Organization of Securities Commissions, also pledged its support. IFAC also welcomed the commitments to combine the CDSB and Value Reporting Foundation with the IFRS Foundation to provide much needed consolidation and contributing support and resources toward the success of the new ISSB.
“Now is the time for policymakers around the world to focus on how to capitalize on the forthcoming work of the ISSB,” said IFAC CEO Kevin Dancey in a statement. “As with the success of IFRS Standards for financial reporting, IOSCO’s support is key. Jurisdictions around the world need to take the next step—deciding to use, implement, and enforce IFRS Sustainability Disclosure Standards as part of a Building Blocks Approach that will deliver the global baseline for sustainability-related reporting needed for investors and capital markets.”
The International Public Sector Accounting Standards Board also praised the formation of the ISSB. “Climate change is an issue that is increasingly important to us all,” said IPSASB chair Ian Carruthers in a statement. “Urgent public sector action will be critical to successfully addressing climate change, through the combination of its central roles as policy setter, regulator, funder and in service delivery. Strong governance, effective implementation, and accountability for the use of public sector resources will all be essential if governments are to play their parts in addressing climate change and sustainability more broadly.”
KPMG's U.S. firm also offered its support for ISSB. “Today’s announcement by the IFRS Foundation advances the march toward ESG engagement on a more global scale,” said KPMG audit vice chair Scott Flynn in a statement. “At KPMG, we support the development of a baseline global ESG reporting standard to reduce complexity and achieve greater relevance, consistency, reliability, and comparability in ESG reporting. This announcement serves the capital markets by helping investors achieve their ESG goals that will power global solutions to societal challenges. It also underscores the need for companies to prepare now. Embedding ESG engagement throughout one’s organization and transformation requires scenario planning, materiality assessments, strategy, operations, assurance, and more. It demands an all-hands mentality to meet this all-hands moment.”
“At KPMG, we believe ESG engagement makes business better,” said KPMG Impact leader Rob Fisher in a statement. “The announcement today by the IFRS Foundation is a big step forward in the development of a baseline global ESG reporting standard that can accelerate the financing of private-sector solutions to society’s most pressing problems. It will also help many companies seeking to go from ‘why’ to ‘how’ when it comes to ESG engagement by reducing complexity in reporting and helping them tell their ESG story to investors. Deep engagement on strategy, operations, and reporting has the potential to create a virtuous circle or ‘flywheel effect,’ powering transformation that drives measurable profitability and sustainability today and tomorrow. Today’s announcement has flywheels spinning faster.”
The Center for Audit Quality also applauded the move.
“Investors are clear that climate and other ESG-related disclosures are integral to their investment decisions,” said CAQ CEO Julie Bell Lindsay in a statement. “Today’s ISSB announcement is a positive step forward to providing a global baseline to deliver consistent and comparable sustainability standards.”
The Institute of Management Accountants also released a statement of support for the ISSB. “As described, this ISSB will work in close cooperation with the International Accounting Standards Board under the Foundation’s governance structure,” said the group. “IMA is also pleased to observe the commitments to combine the Value Reporting Foundation and the Climate Disclosures Standards Board into the foundation of the ISSB. This week, with the endorsement of its Sustainable Business Management Global Task Force, IMA released its Statement of Position on Sustainable Business Information and Management and observes that the IFRS Foundation’s measure aligns with several of the articulated principles such as reducing fragmentation in ESG reporting, reflecting existing precedent around materiality with respect to investors and the securities markets, and focusing holistically on value creation. It also signals alignment with our principles related to supporting small and medium sized enterprises, internal controls, and the use of technology, particularly digital reporting. Management is a critical information user and stakeholder, and we encourage additional steps to ensure that the new accounting paradigm promotes trust, builds value and facilitates action.” - البلد عالمي
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محاسبة و مراجعة
الأربعاء, 03 نوفمبر 2021 15:46
الاتحاد الدولي للمحاسبين يتعهد بتقديم دعم مستمر لمجلس معايير الاستدامة الدولية الجديد
المعايير العالمية التي سيتم وضعها للإفصاح عن الاستدامة الذي يركز على المستثمر
معلومات إضافية
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المحتوى بالإنجليزية
IFAC Pledges Ongoing Support for New International Sustainability Standards Board
Global Standards to Be Set for Investor-Focused Sustainability Disclosure
Nov 03, 2021 | New York, New York | English
The International Federation of Accountants (IFAC), which comprises 180 member and associate organizations and represents over 3 million professional accountants globally, welcomes the establishment of the International Sustainability Standards Board (ISSB) working in close cooperation with the International Accounting Standards Board (IASB), under the governance structure and leadership of the IFRS Foundation.
IFAC congratulates the IFRS Foundation Trustees for moving with unprecedented speed to meet the needs of investors, provide a holistic view of enterprise value, and address the climate crisis. Climate and other sustainability issues are global in nature and the ISSB will deliver a global solution for sustainability disclosure. The multi-jurisdictional footprint of the ISSB reflects this realty and can hopefully facilitate implementation of the ISSB’s standards.
IFAC also welcomes commitments to combine the CDSB and Value Reporting Foundation with the IFRS Foundation—providing much needed consolidation and contributing support and resources toward the success of the new ISSB. This positions the ISSB to build upon the high-quality work of existing sustainability-related initiatives and harmonize the standard-setting landscape—delivering a comprehensive global baseline of sustainability information material to enterprise value, connected to financial reporting through the fundamental concepts and guiding principles of integrated reporting.
“Now is the time for policymakers around the world to focus on how to capitalize on the forthcoming work of the ISSB,” said IFAC CEO Kevin Dancey. “As with the success of IFRS Standards for financial reporting, IOSCO’s support is key. Jurisdictions around the world need to take the next step—deciding to use, implement, and enforce IFRS Sustainability Disclosure Standards as part of a Building Blocks Approach that will deliver the global baseline for sustainability-related reporting needed for investors and capital markets.”
This approach enables global standards set by the ISSB—compatible with any multistakeholder-focused disclosures that some jurisdictions may require—to result in consistent, comparable, and assurable sustainability-related information that enhances corporate reporting.
IFAC urges its member organizations to support this initiative and engage now, at the local level, to help make new global standards into local reporting requirements.
Read more about IFAC’s support for global sustainability-related standards on the IFAC website.
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
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موسومة تحت
الإثنين, 04 أكتوبر 2021 22:29
تعيينات نسائية في مجلس معايير المحاسبة الدولية للقطاع العام (IPSASB) وتنوع جغرافي متزايد لعام 2022
يعلن مجلس معايير المحاسبة الدولية للقطاع العام (IPSASB) عن مجلس تاريخي للأغلبية النسائية وتنوع جغرافي متزايد لعام 2022
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المحتوى بالإنجليزية
The International Public Sector Accounting Standards Board (IPSASB) announced that in 2022 it will have a majority female Board for the first time. The IPSASB will be comprised of ten women and eight men beginning 1 January 2022.
The geographic diversity of the IPSASB will also increase with new members from China and Saudi Arabia.
The new appointees to the IPSASB have been selected following a rigorous nominations and interview process involving the IFAC Nominating Committee and IPSASB leadership, overseen by the Public Interest Committee. The IFAC Board approved the recommended candidates.
The four new Board members are:
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