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ACCA welcomes the launch of the International Sustainability Standards Board (ISSB)

Date

03 Nov 2021

Sections

Innovation & Enterprise

The formation of the new Board is welcomed by ACCA as a historic and vital next step in clarity for corporate reporting, as the professional body also publishes a policy paper ‘Principles for connected corporate reporting standard setting’

Helen Brand, chief executive of ACCA and co vice-chair of the Value Reporting Foundation, says about the ISSB: ‘This development means we now have a once in a lifetime opportunity to help shape global reporting standards for the benefit of investors, economies and the public good.’

‘In December 2020, we expressed strong support for the creation of the ISSB. This is needed to address the scale of global environmental and social challenges today, accelerate the necessary reallocation of capital, and drive positive changes in corporate decision-making.’

As co-vice chair of the VRF Board, Helen Brand adds; ‘With the global reach of the International Integrated Reporting Framework and the SASB Standards, the VRF can help the ISSB to achieve much-needed consistency in reporting across the world. The IFRS Foundation’s commitment to build connectivity between financial and sustainability reporting using the principles of integrated reporting is particularly welcome. We believe that this is vital to high-quality connected corporate reporting.’

ACCA has also published today a policy paper called Principles for connected corporate reporting standard setting which calls for a consistent and connected set of global reporting standards and aligns to much of what the ISSB and the VRF will be doing. The paper calls on policymakers, regulators and standards-setters to:

  • develop requirements for high-quality reporting outside of the financial statements that is coherent and connects with financial reporting requirements
  • cooperate multilaterally to ensure that reporting requirements are consistent and interoperable across borders
  • align requirements with the global standards produced by the IFRS Foundation and the International <IR> Framework
  • base requirements on shared definitions for key terms, including ‘sustainability,’ ‘sustainability reporting’ and ‘enterprise value’
  • consider the cost and benefits in mandating reporting requirements and avoid disclosure overload
  • leverage technology but without losing sight of the context of companies’ governance, strategy, and business model
  • connect reporting requirements with other policy levers to ensure that business resources are not focused on reporting compliance but on transforming business models for a just and green transition.

- ends -

For media enquiries, contact:

Helen Thompson

E: helen.thompson@accaglobal.com

M: +44 (0)7725 498 654

Twitter @ACCANews

accaglobal.com

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global professional body for professional accountants.

We’re a thriving global community of 233,000 members and 536,000 future members based in 178 countries and regions, who work across a wide range of sectors and industries. We uphold the highest professional and ethical values.

We offer everyone everywhere the opportunity to experience a rewarding career in accountancy, finance and management. Our qualifications and learning opportunities develop strategic business leaders, forward-thinking professionals with the financial, business and digital expertise essential for the creation of sustainable organisations and flourishing societies.

Since 1904, being a force for public good has been embedded in our purpose. In December 2020, we made commitments to the UN Sustainable Development Goals which we are measuring and will report on in our annual integrated report.

We believe that accountancy is a cornerstone profession of society and is vital helping economies, organisations and individuals to grow and prosper. It does this by creating robust trusted financial and business management, combating corruption, ensuring organisations are managed ethically, driving sustainability, and providing rewarding career opportunities.

And through our cutting-edge research, we lead the profession by answering today’s questions and preparing for the future. We’re a not-for-profit organisation. Find out more at accaglobal.com

 

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