Accounting Standards

IFAC welcomes SEC’s request for input on climate change disclosures

The international body emphasized the needs of investors and other stakeholders for greater climate and other sustainability-related information

The International Federation of Accountants (IFAC) has welcomed the US Securities Exchange Commission’s (SEC) recent request for public input on climate change disclosures.

The international body emphasized the needs of investors and other stakeholders for greater climate and other sustainability-related information as part of its support for a global sustainability system.

Furthermore, IFAC highlighted its IFRS Foundation’s initiative to establish a new International Sustainability Standards Board as being a “critical component” to creating a global baseline of investor-focused reporting requirements.

Kevin Dancy, IFAC’s CEO, said: “The U.S. and the SEC have played a critical role in the development of IFRS Standards for financial reporting, including convergence between the FASB and IASB and permitting foreign SEC registrants to use IFRS Standards to meet their U.S. reporting requirements.

“Today, as policymakers consider the best way forward for crafting an emerging global system for sustainability-related reporting, U.S. support is more important than ever.”

He added: “As the SEC explores climate-change related disclosure, IFAC urges the Commission to support a global approach.”

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