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.
- 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.
- The Trustees will be meeting again on 2-4 March 2021.
- The Trustees are to produce a definitive proposal (including a roadmap and timeline) by end September 2021.
- Possible announcement on the establishment of a sustainability standards board at the meeting of the United Nations Climate Change Conference COP26 in November 2021.