According to a recent article, The International Financial Reporting Standards (IFRS) Foundation has been instrumental in promoting a common financial reporting language for companies and organizations around the world. While its primary objective has been to develop and promote high-quality global accounting standards, its work is increasingly relevant to sustainability reporting.
As businesses become more conscious of their impact on the environment and society, the need for transparent and comparable sustainability reporting has grown. The IFRS Foundation's efforts to promote consistent application of IFRS around the world can also be extended to sustainability reporting. By developing a single set of sustainability reporting standards, the Foundation can help businesses to report their sustainability performance in a consistent and comparable way.
The Foundation's work in providing education and training resources can also be extended to sustainability reporting, ensuring that companies have the knowledge and skills to report their sustainability performance accurately and transparently. By working with national standard-setters and regulators to promote sustainability reporting, the Foundation can also help to ensure that sustainability reporting is integrated into financial reporting, providing a holistic view of a company's performance.
In conclusion, the IFRS Foundation's work in promoting global accounting standards has been critical in ensuring transparency and comparability in financial reporting. As the world becomes more conscious of the need for sustainable business practices, the Foundation's work can be extended to sustainability reporting, ensuring that businesses report their sustainability performance in a consistent and transparent way.
Click here to read the full article: https://www.edie.net/issb-to-launch-first-two-sustainability-standards-by-june/
