IFRS Foundation announces ‘next steps’ for global sustainability standards

The Trustees of the IFRS Foundation met on 1 February 2021 to review responses to the first three questions asked by their consultation paper on sustainability reporting.

There is a growing demand for global sustainability standards

The responses indicated a growing demand for global sustainability standards and for the IFRS Foundation to play a role in developing the standards.

Next steps

  1. A Trustee Steering Committee is to be formed to oversee the next phases of work, with a key requirement for success being the need for urgency to deliver global standards, most notably on climate.
  2. The Trustees will be meeting again on 2-4 March 2021.
  3. The Trustees are to produce a definitive proposal (including a roadmap and timeline) by end September 2021.
  4. Possible announcement on the establishment of a sustainability standards board at the meeting of the United Nations Climate Change Conference COP26 in November 2021.
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