The AICD has lodged a submission with the IFRS foundation supporting in principle its aim to create a set of a global set of internationally recognised sustainability reporting requirements, supporting comparability and consistency.
We believe a rationalisation approach and a framework that might make it easier for directors to report against a single, commonly understood set of standards – rather than a multiplicity of overlapping and potentially conflicting standards – is a good thing for companies, investors and the broader stakeholder community.
We noted that, for this to succeed, it is critical that IFRS creates a rationalised standard. It would be a poor outcome if IFRS merely added to the multiplicity of standards that already exist. In our view, this will require significant outreach from IFRS at a preliminary stage.
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