New Publication Calls for Key Reforms to Build a Just and Sustainable Future
NEW YORK - The global accountancy profession, through the International Fed-eration of Accountants (IFAC), is urging G20 leaders to focus on sustainability, transparency, and governance as the 2030 deadline for the United Nations Sus-tainable Development Goals (SDGs) approaches.
A new publication, G20 Call to Action 2024: Building a Just World & a Sustaina-ble Planet, underscores the essential role high-quality sustainability information, reporting and assurance play in achieving global sustainability targets. IFAC calls for G20 leadership in fostering a comprehensive ecosystem of sustainability re-porting and assurance, grounded in international standards and supported by strong corporate governance practices.
A Focus on Sustainability and Governance
The Brazilian G20 Presidency highlights the importance of sustainability across climate, environmental, and governance dimensions—and the profession’s Call to Action aligns with this focus. It urges G20 leaders to adopt the IFRS Sustainabil-ity Disclosure Standards, the International Auditing and Assurance Standards Board’s recently approved International Standard on Sustainability Assurance (ISSA) 5000, and the International Ethics Standards Board for Accountant’s forthcoming ethics and independence standards for sustainability reporting and assurance.
“As the 2030 deadline rapidly approaches, balancing environmental and societal priorities has never been more urgent,” said IFAC Chief Executive Officer Lee White. “Professional accountants, with their unique skills, experience, and public interest mandate, are driving the creation of a sustainable future. We’ve already seen policymakers, businesses, and society aligning with us to pursue these com-mon goals, and we welcome the expansion of these crucial partnerships.”
Key Recommendations for G20 Policymakers
•Promote Trust Through High-Quality Information: Advocate for a global framework built on IFRS Sustainability Disclosure Standards and ISSA 5000 for assurance.
•Enhance Public Sector Transparency: Support the International Public Sector Accounting Standards Board (IPSASB) in developing global public sector sus-tainability standards.
•Strengthen Public Financial Management: Encourage governments to adopt accrual accounting and professionalize public finance to boost transpar-ency.
•Support SMEs in Sustainable Development: Ensure small and medium-sized enterprises (SMEs) have access to the tools and resources needed to contribute to sustainability efforts.
https://www.ifac.org/news-events/2024-10/ifac-global-accountancy-profession-urge-g20-prioritize-sustainability-and-governance