IFAC is proposing that a new board is set up with a focus on sustainability, which will exist alongside the IASB under the IFRS Foundation. There is increasing demand for the creation of a reporting system that delivers information on sustainable development.
The planned ISSB (International Sustainability Standards Board) would develop standards in this area and should remain co-ordinated with the IASB while ensuring the IASB remains focused on financial reporting standards.
Kevin Dancey, CEO of IFAC, said, "The time for a global solution is now. Given the momentum that has developed this year - because of work by Accountancy Europe, WEF/IBC, the European Commission, the IOSCO Task Force and the five leading reporting initiatives - we have a unique opportunity to act in concert to do the right thing in the public interest. IFAC believes the IFRS Foundation, with the backing of public authorities, is optimally positioned to lead and coordinate this initiative, and they would do so with our full support. We recommend that the proposed board adopt a "building blocks" approach, working with and leveraging the expertise and disclosure requirements of the CDP, CDSB, GRI, IIRC and SASB."
More detail about this can be found here
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