Publication

8 July 2021

A constructive two-way cooperation to sustainability reporting standard-setting

Climate change, environmental degradation and social issues are global challenges that concern us all. Stakeholders understand that companies’ financial and sustainability reporting impact and depend on one-another. The demand for harmonised standards has pushed policymakers to take action.

This publication presents the accountancy profession’s views on how to put into practice a constructive two-way cooperation to sustainability reporting standard-setting.

Indeed, the European Commission’s recent Corporate Sustainability Reporting Directive (CSRD) proposal requires all large and listed companies to apply EU sustainability reporting standards, which the European Financial Reporting Advisory Group (EFRAG) has been invited to develop. A sustainability reporting standards pillar is in the works at EFRAG along with a change in its governance structure. In parallel, the International Financial Reporting Standards (IFRS) Foundation is proposing changes to its Constitution to accommodate the creation of an International Sustainability Standards Board (ISSB).

We believe that cooperation between EFRAG and the IFRS Foundation is essential to produce aligned standards. Our paper lays down principles for cooperation and explores a collaboration on political and technical levels to secure consistency between reporting requirements. We will continue participating to this critical and strategic debate in the European public interest.

Related content

Consultation responseIASB’s third agenda consultation, EFRAG’s draft comment letter and own proactive research agenda consultation

13 July 2021

EventEarly Warning Europe Day

28 September 2021

Consultation responseIFRS Foundation’s Consultation on Exposure Draft on proposed targeted amendments to the IFRS Foundation constitution...

22 July 2021

NewsA 360 view on Sustainable Corporate Governance

14 July 2021

Consultation responseIASB’s third agenda consultation, EFRAG’s draft comment letter and own proactive research agenda consultation

13 July 2021

NewsNew Roadmap enhances EU Sustainable Finance Strategy

7 July 2021

EventESEF in Practice

7 July 2021

BlogEU green bond standard: Europe’s next move to help finance sustainable projects

6 July 2021

Consultation responseFeedback on the Corporate Sustainability Reporting Directive proposal

1 July 2021

EventSustainable financing 101 – State of play and next steps

24 June 2021

UpdateSustainability

22 June 2021

EventSustainable Corporate Governance – A fireside chat with MEP Heidi Hautala

21 June 2021

PodcastDo accountants hold the key to changing our flawed economy?

18 June 2021

BlogSustainability risk management for SMEs: inaction is not an option

14 June 2021

NewsJoint statement on sustainable corporate governance

8 June 2021

Consultation responseFeedback statement: EU Taxonomy Article 8 Delegated act

3 June 2021

EventForce for Change: Mobilising the public sector for a sustainable economy

3 June 2021

UpdateSustainability

25 May 2021

PodcastThe shift to sustainability: A CFO’s journey

20 May 2021

Publication3-step sustainability assessment for SMEs

12 May 2021

Consultation responseIPSASB’s public consultation of Exposure Draft 75

12 May 2021

Sign up for our newsletter

* indicates required
Would you like to subscribe to our newsletter?
On which topics would you like to receive news?