IFAC Releases Vision For Sustainability AssuranceBy
The International Federation of Accountants (IFAC) published in December 2021 its vision for high-quality assurance of sustainability information.
It builds on IFAC’s engagement campaign on The State of Play in Sustainability Assurance report and underlines the importance of global standards, regulation that supports decision-useful disclosure, and an interconnected approach to sustainability and financial information reporting and assurance.
Following the establishment of the International Sustainability Standards Board, IFAC’s vision outlines the best practices for delivering consistent, comparable, and reliable information that can help align sustainability disclosure with financial reporting and connect sustainability assurance engagements with financial statement audits, thereby avoiding unnecessary costs and inconsistencies caused by regulatory fragmentation.
“In order to be trusted, sustainability disclosure must be subject to high-quality, independent, external assurance. Sustainability information must take its rightful place in the corporate reporting ecosystem and stakeholder confidence must be on par with financial reporting,” said Kevin Dancey, IFAC CEO. “It’s an appropriate time for regulators and authorities to put sustainability assurance on the agenda.”