The IPSASB publishes a global consultation on sustainability standards

It seems like all anyone has been able to talk about in the financial reporting fraternity over the last year is sustainability reporting. This is largely attributed to the IFRS Foundation establishing a separate standard-setting board to issue International Sustainability Reporting Standards. Three proposed standards were recently issued by the IASB for comment (read more here).

The IFRS Foundation’s standards focus on the private sector, with investors’ needs at the heart of their reporting. The users of the financial statements and related reports are broader and include both those who provide resources to government and its entities, as well as those who benefit from government’s services. This wider audience, along with potentially different information needs, means that questions have been raised about who should develop reporting standards for the public sector.

The IPSASB believes it is best positioned to issue sustainability standards, albeit that some changes may need to be made to how the IPSASB operates. Access the press release and the Consultation Paper here.

As this is a relevant topic to South Africa, the ASB will host a series of events to discuss the proposals in the Consultation Paper so that a comment letter can be submitted to the IPSASB.

Keep a look out on our website for more information.