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Sustainability Disclosure—its reporting and assurance—
offers a unique opportunity to enhance the relevance
and attractiveness of the accountancy profession.
IFAC’s 4-Challenges are designed to help our profession
achieve this goal.
Sustainability
Opportunities and Challenges for our Profession
Champion an
Integrated
Mindset
FirstChallenge
Sustainability Starts Inside Companies that put sustainability-related factors on
equal footing with financial and performance-related goals and objectives.
Bridging Information Silos that may exist between finance/accounting departments and
sustainability teams will bring rigor to sustainability-related information/disclosures.
Connectivity & Integration in Reporting of sustainability and financial information
enhances decision usefulness of reporting/information and promotes long-term value for
shareholders and broader society.
Global
Baseline for
Reporting
SecondChallenge
A Harmonized Global System for sustainability reporting—built upon ISSB’s financially
material disclosures—offers opportunity to avoid unnecessary cost / complexity / confusion.
A Building Blocks Approach to sustainability reporting allows jurisdictions to compliment
the ISSB global baseline with additional disclosures that address local objectives.
Alignment / Interoperability / Equivalence starts with implementing ISSB
requirements—without carveouts—and then prescribing any incremental, local requirements.
Jurisdiction-specific standard setting that seeks alignment or interoperability with ISSB standards
is not the path to a harmonized, global system—like IFRS Accounting Standards.
Assurance,
Ethics and
Independence
ThirdChallenge
High-Quality Assurance depends on ISSA 5000 becoming the global baseline for general
purpose sustainability assurance engagements, for all practitioners.
An ESG-Specific Code for independence and ethics in sustainability reporting and
assurance—for all practitioners (e.g., IESSA) delivers an integrated solution (along with ISSA 5000).
Public Interest—IESBA and the IAASB are internationally-recognized, global standard-setting
bodies with a public interest mandate—delivering standards designed for all practitioners.
A Level Playing Field built on consistent regulatory oversight is needed. Otherwise, investors
and other users of sustainability information will not be able to rely on what companies report.
Capacity
Building
FourthChallenge
Awareness Raising for a shared vision of a global system for sustainability disclosure that
builds on the complimentary—not competing—nature of financial impact and societal impact
information.
Education—training, learning, and skills development that marry existing skills and
competencies of professional accountants with new ESG knowledge.
Research and data facilitates dialogue about high quality disclosure, assurance, governance,
and regulation; provides metrics for tracking progress; and informs evidence-based policy.
Focus on Companies who must prepare for mandatory disclosure requirements and develop
systems, processes, internal controls and governance to support high quality reporting / assurance.
PAOs need a roadmap for success
to meet these challenges and capitalize on
opportunities to leverage our unique experience and
competencies.
This includes working proactively and collaboratively
with local regulators
What’s Next
10-STEP Framework for PAOs

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  • 1. Sustainability Disclosure—its reporting and assurance— offers a unique opportunity to enhance the relevance and attractiveness of the accountancy profession. IFAC’s 4-Challenges are designed to help our profession achieve this goal. Sustainability Opportunities and Challenges for our Profession
  • 2. Champion an Integrated Mindset FirstChallenge Sustainability Starts Inside Companies that put sustainability-related factors on equal footing with financial and performance-related goals and objectives. Bridging Information Silos that may exist between finance/accounting departments and sustainability teams will bring rigor to sustainability-related information/disclosures. Connectivity & Integration in Reporting of sustainability and financial information enhances decision usefulness of reporting/information and promotes long-term value for shareholders and broader society.
  • 3. Global Baseline for Reporting SecondChallenge A Harmonized Global System for sustainability reporting—built upon ISSB’s financially material disclosures—offers opportunity to avoid unnecessary cost / complexity / confusion. A Building Blocks Approach to sustainability reporting allows jurisdictions to compliment the ISSB global baseline with additional disclosures that address local objectives. Alignment / Interoperability / Equivalence starts with implementing ISSB requirements—without carveouts—and then prescribing any incremental, local requirements. Jurisdiction-specific standard setting that seeks alignment or interoperability with ISSB standards is not the path to a harmonized, global system—like IFRS Accounting Standards.
  • 4. Assurance, Ethics and Independence ThirdChallenge High-Quality Assurance depends on ISSA 5000 becoming the global baseline for general purpose sustainability assurance engagements, for all practitioners. An ESG-Specific Code for independence and ethics in sustainability reporting and assurance—for all practitioners (e.g., IESSA) delivers an integrated solution (along with ISSA 5000). Public Interest—IESBA and the IAASB are internationally-recognized, global standard-setting bodies with a public interest mandate—delivering standards designed for all practitioners. A Level Playing Field built on consistent regulatory oversight is needed. Otherwise, investors and other users of sustainability information will not be able to rely on what companies report.
  • 5. Capacity Building FourthChallenge Awareness Raising for a shared vision of a global system for sustainability disclosure that builds on the complimentary—not competing—nature of financial impact and societal impact information. Education—training, learning, and skills development that marry existing skills and competencies of professional accountants with new ESG knowledge. Research and data facilitates dialogue about high quality disclosure, assurance, governance, and regulation; provides metrics for tracking progress; and informs evidence-based policy. Focus on Companies who must prepare for mandatory disclosure requirements and develop systems, processes, internal controls and governance to support high quality reporting / assurance.
  • 6. PAOs need a roadmap for success to meet these challenges and capitalize on opportunities to leverage our unique experience and competencies. This includes working proactively and collaboratively with local regulators What’s Next 10-STEP Framework for PAOs