Eumedion supports the IFRS Foundation's intention to create a Sustainability Standards Board

News · 17-12-2020

Eumedion fully supports the IFRS Foundation Trustees' plan to expand the mission of the IFRS Foundation from financial reporting to (also) sustainability reporting. Eumedion first tested the idea of a Sustainability Standards Board in a Green Paper issued in October 2019. Ever since then, the momentum for this major change in strategic direction for the IFRS Foundation has been building up strongly. Up until Eumedion's position paper in July 2020 the call for a global standard setter was most noteably echoed by Accountancy Europe and also ESMA Chair Steven Maijoor after the European Commission announced its intention to create a European standard setter. Ahead of the publication of the Trustees’ consultation paper in September, indications of support came from key stakeholders like the International Federation of Accountants and the International Organization of Securities Commissions.

Eumedion’s response today highlights the real risk that the existing 'alphabet soup' of sustainability frameworks and standard setters could spill over to a like-wise divergence in practices amongst jurisdictions. Eumedion therefore advises the IFRS Foundation to fast track as much as possible the diligent establishment of a Sustainability Sstandards Board. The sooner this Board is established, the better it can provide a global alternative for the already emerging legal initiatives of local jurisdictions. Related to this risk is our support for giving priority to developing standards for climate-related disclosures, on the condition that the Sustainability Standards Board should from the start also make inroads into other areas of sustainability reporting.

Relevant documents

Eumedion's response to IFRS Foundation Consultation Paper on Sustainability Reporting


IFRS Foundation Consultation Paper on Sustainability Reporting