IFAC publishes practical framework for deploying global sustainability standards at local level

The International Federation of Accountants (IFAC) has published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach. This framework examines how existing mechanisms already in place for adopting IFRS Standards used in financial reporting may be appropriate or adapted for sustainability-related reporting. IFAC believes that jurisdictions must begin examining how global standards that the proposed International Sustainability Standards Board (ISSB) intends to develop can fit together with sustainability-related reporting requirements set at the jurisdictional level.

IFAC CEO Kevin Dancey noted that IFAC’s framework sets out various pathways for local implementation of the IFRS initiative that can all lead to the global and harmonized corporate reporting system needed for investors, capital markets, and stakeholders at large.

The press release by IFAC and the framework may be accessed here.