One step closer to a global set of sustainability reporting standards?

On 30 September 2020, the International Financial Reporting Standards Foundation (the "Foundation") published a consultation paper that aims to assess the appetite for a global set of non-financial sustainability reporting standards and the extent to which the Foundation might have a role in developing such standards, which would broaden its current remit beyond the development of financial reporting standards.

The consultation paper also seeks views on whether the sustainability information disclosed should be auditable or subject to external assurance, and if not, what different types of assurance would be acceptable for the information to be reliable and useful. 

A globally accepted single set of sustainability reporting standards would be a much welcome plug to fill the current lacuna in the availability of standardised reporting benchmarks and metrics that is needed to assist companies with assessing their ESG performance.

The consultation closes on 31 December 2020. For more information, see IFRS press release.