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ISSB Climate Disclosure Standard Embraced at COP27

By:
S.J. Steinhardt
Published Date:
Nov 9, 2022

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The International Sustainability Standards Board (ISSB)'s upcoming climate-related disclosure standards will be incorporated into the platform of the nonprofit whose environmental disclosures are used by more than 18,000 companies, Accounting Today reported.

The announcement by the Carbon Disclosure Project, a nonprofit that runs the global environmental disclosure system, was made at the the 2022 U.N. Climate Change Conference, more commonly referred to as the Conference of the Parties of the U.N. Framework Convention on Climate Change (COP27) in Sharm El Sheikh, Egypt. It boosts the efforts to integrate these standards into financial reporting, a subject that was discussed recently at the Foundation for Accounting Education’s Auditing Standards Conference.

The ISSB’s creation by the International Financial Reporting Standards (IFRS) Foundation was announced at last year’s COP26 in Glasgow, Scotland. Its mandate is to set disclosure standards for environmental, social and governance (ESG) financial reporting. This independent body issued an exposure draft on climate-related disclosures earlier this year.

ISSB Chair Emmanuel Farber announced that the board has gained support from more than 20 accounting organizations and major firms around the world, Accounting Today reported. They include the Association of Chartered Certified Accountants, the Brazilian Institute of Corporate Governance, Deloitte, Environmental Resources Management, the European Accounting Association, EY, the Global Reporting Initiative, the Global Steering Group for Impact Investment, the Group of Latin American Accounting Standard Setters, the International Corporate Governance Network, the International Federation of Accountants, KPMG, the Nigerian Ministry of Finance, Budget and National Planning, the Pan African Federation of Accountants, PRI, PwC, the U.K. Foreign, Commonwealth & Development Office, the UN Department of Economic and Social Affairs, the United Nations Environment Programme-Finance Initiative, the UN Sustainable Stock Exchanges Initiative, and the We Mean Business Coalition.

“The ISSB is committed to delivering an effective, efficient disclosure ecosystem for global capital markets, resulting in decision-useful climate-related disclosures,” he said in a statement. “By aligning the CDP platform to the ISSB’s climate-related standard, we are reducing the burden on entities and moving a step closer to that common language for disclosures.”

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