A new comprehensive guide published by the IFRS Foundation looks to support the implementation of the International Sustainability Standards Board (ISSB) standards by helping companies in their disclosure journeys, a news release said.
“A key focus of the guide is helping companies understand how the concept of sustainability-related risks and opportunities is described in IFRS S1, General Requirements for Disclosure of Sustainability-Related Financial Information, including how these can arise from a company’s dependencies and impacts,” the release said.
The IFRS Foundation’s guide draws on the notion of integrated thinking — considering the inextricable link between a company and its stakeholders, society, the economy, and the natural environment throughout its value chain. It also sets out considerations for companies to drive connectivity between sustainability-related financial disclosures and a company’s financial statements.
FRC evaluates UK audit system
The UK Financial Reporting Council (FRC) set out plans to support the quality of major local audits in a new report.
The report follows the UK government’s legislative measures in September to clear the backlog in local audit and rebuild assurance through a series of statutory backstop dates, a news release said. The regulator extended its commitment to support the local audit system’s recovery into 2023 and 2024 audits.
IFAC announces support for IAASB sustainability standard
The International Federation of Accountants (IFAC) welcomes the International Audit and Assurance Standards Board (IAASB) publishing its International Standard on Sustainability Assurance (ISSA) 5000, a news release said.
“Our profession is united by a deep commitment to work with regulators, practitioners, and organisations globally to facilitate smooth and timely implementation of international standards, such as ISSA 5000, in order to serve the public interest need,” IFAC CEO Lee White said in the release.
IFAC also asserts that if the standard is used for assurance by nonprofessional accountants, they must be held to the same jurisdictional regulations to maintain “investor and consumer protection”, the release said.
The IFAC statement follows a public statement of support from the International Organization of Securities Commissions (IOSCO).
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