IFAC Continues to Convene and Lead Global Discussion on Sustainability Assurance; New Publication Focuses on “What to Expect”

IFAC Continues to Convene and Lead Global Discussion on Sustainability Assurance; New Publication Focuses on “What to Expect”

By Prathamesh 9 July, 2024
news

June 26, 2024

IFAC Chief Executive Officer Lee White said, “We are in the midst of a significant global transformation as businesses seek opportunities and ways to respond to sustainability-related challenges. Professional accountants are absolutely crucial in this transformation, and have an important public interest role to play. Our profession has a mature competency in analyzing and interpreting data, and the ability to use it to successfully innovate and introduce new business models.”

Mr. White continued, “Companies are working diligently to develop their governance structures and the processes, systems and controls needed to support sustainability reporting and assurance. Investors and other users of this information should expect, at least initially, that sustainability assurance engagements may be different from what occurs with financial reporting. For example, I expect that assurance reports may include modifications, which would be reflective of the transformation that is occurring.”

Policymakers and regulators around the world are moving with pace to introduce essential requirements for sustainability reporting and assurance. At the same time, IFAC encourages accountants to embrace their pivotal role in this transformation, and they remind all stakeholders that the application of reporting and assurance requirements will take time to mature.

To find out more details please visit : https://www.ifac.org/