The International Federation of Accountants (IFAC) has issued its support for convergence among financial institutions in regards to global sustainability standards.
IFAC, which comprises 180 member and associate organizations and represents three million professional accountants globally, has thrown its support behind the IFRS Foundation to establish an international standard setting board.
The organization specifically supports the foundation’s potential formation of a working group and its plans to set up a multi-stakeholder expert consultative committee.
Both of these endeavours are considered to be ways in which progress towards a successful standards setting board can be achieved.
Kevin Dancey, CEO of IFAC, said: “IFAC reiterates its support for the IFRS Foundation to establish an international standard setting board with a focus on enterprise value creation, a unique connection to the work of the IASB, and backing from IOSCO and other authorities.
“This approach offers the quickest and most effective route to a baseline of internationally consistent sustainability-related disclosures for enterprise value creation developed in the public interest.”
He added: “IFAC calls for international collaboration and cooperation to make this initiative a success.”