IFRS Sustainability Standards: Dialogue with EFRAG and EU Commission is urgently needed
At the end of March 2022, the International Sustainability Standards Boards (ISSB), under the umbrella of the IFRS Foundation, published drafts of the sustainability standards on general requirements and climate. We participated in the consultation with a cover letter and a detailed response to the two questionnaires.
We welcome the concept of the Global Baseline, which provides a uniform minimum standard for sustainability reporting worldwide and leaves it to regional or national standard setters to develop additional standards as needed. As the EU is also currently developing sustainability standards with the help of the European Financial Reporting Advisory Group (EFRAG), there is a need for synchronisation of both standards to avoid duplication of reporting for European companies. The ISSB and EFRAG should therefore develop a cooperation model to align reporting requirements.