The Corporate Reporting Dialogue, which was formed in 2014 to strengthen cooperation between key standard-setters and framework developers, has dissolved following the IFRS Foundation's formation of the International Sustainability Standards Board (ISSB).
Four of the seven members of the Corporate Reporting Dialogue have consolidated in the forming of the ISSB, leading the Corporate Reporting Dialogue to cite the success of its mission as it dissolves amid global harmonisation efforts.
"The Corporate Reporting Dialogue has been an overwhelming success," Corporate Reporting Dialogue Chair Ian Mackintosh said in a news release. "The members of the CRD have prioritised the public interest in delivering robust, comparable sustainability information, integrated with financial reporting, to investors and other key stakeholders above all else."
The IFRS Foundation has reached an agreement to consolidate with the Climate Disclosure Standards Board and the Value Reporting Foundation, which was formed in a merger of the International Integrated Reporting Council and the Sustainability Accounting Standards Board.
In addition, the Global Reporting Initiative has a role in constructing new EU sustainability reporting standards, which are being developed by the European Financial Reporting Advisory Group.
"When we first formed the Corporate Reporting Dialogue, we hoped to provide clarity to the market in how these vital, market-driven initiatives were necessary pieces of the landscape, working together to form a robust corporate reporting system," Corporate Reporting Dialogue Programme Lead Wim Bartels said in a news release. "The result is far beyond these initial goals."
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is FM magazine's editorial director.