IFAC CONVENES LEADERSHIP OF GLOBAL ACCOUNTANCY PROFESSION TO PROGRESS SUSTAINABILITY AGENDA
Experts from IFRS, IOSCO and IIRC Join Discussion of Key Issues
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|  | | | | The International Federation of Accountants (IFAC)
last week convened over 150 chief executives and senior leaders of professional accountancy organizations
around the world, together with its Board of Directors,
to discuss critical issues relevant to the future of the
accountancy profession.
A key focus of the meetings was hearing from key
stakeholders on the future of corporate and sustainability-
related reporting, and how these fit into the broader context
of sustainable business and finance, where professional
accountants will need to play a pivotal leadership role
based on their core competencies and ethical codes.
Kevin Dancey, CEO of IFAC, said “As we consider the future
of global economies and capital markets, and the need for
better reporting on sustainability and value creation,
there remains a clear need for the skills, business acumen
, judgment and ethical core that have always been the
domain of professional accountants. As a profession,
we are actively ensuring that we are ready to address this
next generation of challenges and opportunities, including
by calling for the creation of an international sustainability
standards board under the auspices of the IFRS Foundation
that stands to serve the public interest and ultimately the
development of sustainable economies.”
IFAC recently issued a letter to its member organizations
outlining its corporate and sustainability-related reporting
agenda, which can be found here.
Several guest speakers added important context and input
at IFAC’s meetings:
- Lee White, Executive Director of the IFRS Foundation,
- discussed the IFRS Trustees’ current consultation related
- to the proposed formation of a new sustainability standards
- setting board;
- Tajinder Singh, Acting Secretary General of IOSCO discussed
- IOSCO’s sustainable finance agenda, as well as their
- 2021-2022 Work Plan and progress on the Monitoring
- Group’s recommendations;
- Mervyn King, Chair Emeritus of the International Integrated
- Reporting Council (IIRC) and world-renowned expert on
- corporate governance and reporting, spoke to the strategic
- importance of the accountancy profession’s leadership and
- engagement in integrated thinking and sustainability reporting matters.
Each of the presentations by these individuals may be accessed at the links above.
Alan Johnson, President of IFAC, said “One of IFAC’s distinct
advantages is convening strategic discussions and engaging
with international organizations. Our global profession plays
a key role in supporting the sustainable and equitable growth
of economies, and it is both necessary and rewarding to be
able to advance these important topics with and for our
member organizations. We look forward to continuing to
position the accountancy profession at the center of these
conversations, and ensuring that we help organizations
and governments deliver the United Nations’ Sustainable
Development Goals.”
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