Global practices for sustainability reporting and assurance over that information—including the prevalence of assurance, level of assurance, and standard and practitioner used—varies widely by jurisdiction, according to a new study from the International Federation of Accountants (IFAC) and the...
The Index analyzes data from across 165 jurisdictions to understand the accounting bases and frameworks used in public sector financial reporting, specifically with a view to track the adoption of accrual reporting. By providing a comprehensive view of government finances, accrual reporting helps...
Only 51% of companies back up their reports on sustainability with assurance, a study of 1,400 companies by the International Federation of Accountants (IFAC) found, warning that low-quality assurance is an "emerging investor protection and financial stability risk."
Global practices for sustainability reporting and assurance over that information varies widely by jurisdiction, according to a study from IFAC and the AICPA & CIMA (representing the Association of International Certified Professional Accountants).
Le Monde du Chiffre
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June 28, 2021
Sustainable Insurance: New Study Highlights Lack of Standardization
A global comparative study by the International Federation of Accountants (IFAC) and the Association of International Certified Professional Accountants (AICPA) highlighted significant differences between countries in sustainability assurance.
Sustainability reporting standards, as well as assurance services to verify that reporting, vary widely across jurisdictions and individual practitioners and require better standardization, according to a new report.
In Europe and other parts of the world, many organizations are required to report on ESG information, and a significant portion of ESG assurance is being performed by an audit firm or an affiliated provider, according to The State of Play in Sustainability Assurance: Benchmarking Global Practice, a...
A recent study by the International Federation of Accountants (IFAC), in partnership with the AICPA and CIMA (representing the Association of International Certified Professional Accountants), has found a lack of standardization in sustainability assurance globally.
Global practices for sustainability reporting and assurance over that information — including the prevalence of assurance, level of assurance and standard and practitioner used — varies widely by jurisdiction, according to a new study from the International Federation of Accountants, the Association...
The International Federation of Accountants (IFAC), which represents more than 3 million professional accountants globally, welcomes IOSCO’s new report in which it elaborates on its vision and expectations for the IFRS Foundation’s work toward a global baseline of investor-focused sustainability standards.
IFAC has long advocated for the IFRS Foundation to establish an International Sustainability Standards Board (ISSB) focused on enterprise value creation, and based on a building blocks approach. Strong support from public authorities like IOSCO is critical to the success of the IFRS Foundation’s initiative. IOSCO has delivered this important support with its recent publication and related work under the Sustainable Finance Task Force.
IFAC specifically agrees with IOSCO’s analysis that investors are not currently getting the information they need from sustainability disclosures; that the IFRS Foundation should establish an ISSB alongside the IASB; that the ISSB will need to build on existing work; and that we need to create a flexible global system based on a building blocks approach. IFAC will continue to support IOSCO and the IFRS Foundation as they make progress on the ISSB. As momentum continues for harmonizing global sustainability-related reporting standards, IFAC has also initiated a workstream focused on global assurance related to sustainability information and looks to engage closely with IOSCO on any related investor protection issues.
IFAC CEO Kevin Dancey said, “IOSCO sets out a clear vision for the way forward on sustainability-related reporting—one that IFAC whole-heartedly agrees with. A global system for sustainability-related reporting will meet the information needs of investors and stakeholders more broadly. IFAC encourages IOSCO to continue actively engaging with the IFRS Foundation so that the unprecedented and necessary momentum toward establishing an ISSB can be maintained.”
About IFAC IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.
