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IFAC issues statement on climate change and framework for implementing global sustainability standards

On September 7, the International Federation of Accountants (IFAC) issued a statement summarizing the increasing pressure from investors, regulators, and policy makers for more consistent, comparable, reliable, and decision-useful information to improve climate-related financial disclosures and how companies and accountants can address stakeholder concerns in the 2021 reporting cycle. The statement notes that professional accountants, in business and in public practice, have a critical role to play in helping companies reconcile differing stakeholder expectations regarding climate-related disclosures while complying with existing reporting obligations, regulatory requirements, and their professional responsibilities.

Also this week, the IFAC published a new framework for implementing global sustainability standards set by the International Sustainability Standards Board. The framework considers how processes used for financial reporting may be leveraged for sustainability-related reporting, building on IFAC’s previously-released building blocks approach.

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