The World Economic Forum (WEF) announced the planned formation of a group that will offer insights and corporate perspectives to the International Sustainability Standards Board (ISSB) on sustainability reporting.
The partnership, announced in a news release, is called the Forum ISSB Preparers Group, comprising corporate leaders with expertise in sustainability reporting.
The group was formalised by a memorandum of understanding (MoU) on 2 June. According to the release, the group will take learnings from corporate leaders who are early adopters of the IFRS Sustainability Disclosure Standards and share the following insights with the ISSB and other organisations:
- Perspectives from preparers of corporate sustainability reporting through direct engagement with the ISSB;
- Insights into best practices when applying the standards;
- Feedback on the feasibility and practicability of the application of the standards, including the potential need for further guidance;
- Feedback on guidance material; and
- Insight into corporate reporting transformations in response to the ISSB’s disclosure requirements.
“Additionally, the MoU between the World Economic Forum and ISSB lays out further areas of collaboration, including activities and plans in support of achieving the global baseline of sustainability disclosures, particularly on capacity building,” the release said. “This includes providing case studies and perspectives from companies on their own experiences.”
IFAC becomes affiliate member of IOSCO
The International Federation of Accountants (IFAC) has been accepted as an affiliate member of the International Organization of Securities Commissions (IOSCO), a news release said. “This marks a significant step in IFAC’s ability to work with other international organisations for the public interest, and to elevate the voice of the global accountancy profession with key global stakeholders,” the release said.
Affiliate member status enables IFAC to participate in the IOSCO Affiliate Members Consultative Committee (AMCC), the release said. The AMCC is a platform for affiliate members to provide important perspective into IOSCO’s regulatory policy work, as well as to share experiences and enhance cooperation.
“IOSCO is a global leader on key IFAC priorities like investor protection, corporate reporting, audit quality, sustainability, and financial literacy,” IFAC CEO Kevin Dancey said in the release. “By joining IOSCO as an affiliate member, IFAC looks to strengthening the accountancy profession’s engagement on these and other key topics at both the global and jurisdictional levels.”
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