The Institute of Chartered Accountants India (ICAI) along with 12 other entities have come together to form a Sustainability Standards Advisory Forum (SSAF).
Other representatives include Brazil, Canada, China, Japan, Mexico, Saudi Arabia, South Korea, Switzerland and the UK. They will be joined by individuals from bodies representing Africa, the European Union and Latin America.
A note released by The IFRS Foundation said that SSAF members will work with the International Sustainability Standards Board (ISSB) towards a comprehensive global baseline of sustainability-related disclosure for #capitalmarkets.
The IFRS note said that the inaugural members have been nominated based on their deep technical expertise in sustainability reporting and understanding of the jurisdictional or regional approach to sustainability reporting they are representing. The SSAF will also benefit from official observers representing the European Commission, IOSCO and the United States Securities and Exchange Commission. A Global Reporting Initiative (GRI) representative will join meetings to enable the discussion, building on the commitment the ISSB and GRI made in early 2022 to advance interoperability in the disclosure landscape.
Emmanuel Faber, ISSB Chair, said, “The jurisdictional perspective the experts in the SSAF will provide to our standard-setting work will be hugely important to ensuring our Standards can effectively deliver on capital market needs and build a truly global baseline. We look forward to working constructively with them to deliver on the ISSB’s objectives.”
Other than ICAI, other members of the SSAF and official observers include:
· Pan African Federation of Accountants (PAFA)
· Brazilian Committee of Sustainability Pronouncements (CBPS)
· CPA Canada (as interim prior to the establishment of the Canadian Sustainability Standards Board (CSSB))
· Group of Latin American Accounting Standard Setters (GLASS)
· Mexican Financial Reporting Standards Board (CINIF)
· Accounting Regulatory Department, Ministry of Finance of People’s Republic of China (ARD)
· Korea Accounting Institute (KAI) and the Financial Services Commission (FSC)
· Saudi Organization for Chartered and Professional Accountants (SOCPA)
· Sustainability Standards Board of Japan (SSBJ)
· European Financial Reporting Advisory Group (EFRAG)
· Swiss State Secretariat for International Finance (SIF)
· UK Financial Reporting Council