News
IPSASB Begins Development of Climate-related Disclosures Standards for the Public Sector
11-Jul-2023
The
IPSASB has announced that it will move ahead with the development of the first
sustainability-reporting standard for the public sector
NEW YORK - Respondents to IPSASB’s May
2022 consultation paper on Advancing Public Sector Sustainability
Reporting agreed that the public sector urgently needs its own
sustainability reporting standards and that the IPSASB, with its 25 years of standard-setting
experience, should lead their development. Public sector-specific
sustainability reporting standards will equip governments and other public
sector entities to provide better transparency, accountability, and
comparability of their efforts to combat the climate crisis and other
sustainability challenges.
Following
a scoping and research phase, the IPSASB has decided to move forward with the
development of a public sector-specific Climate-Related Disclosure standard and
has published a project brief for this
major new piece of work.
Reporting on climate change is one of the most important issues in
sustainability reporting, which also encompasses environmental, social, and
governance issues.
“The IPSASB’s decision to develop a public sector-specific
Climate-Related Disclosures standard is a huge first step in addressing the
public sector’s need for sustainability reporting standards,” said IPSASB Chair
Ian Carruthers. “The Board is delighted to be able to respond to stakeholder
calls in this way and hopes to be able to initiate other projects in this
critical area in the coming months.”
With
this launch, the IPSASB will establish a Climate-related Topic Working Group to
provide climate-related expertise and advice to support the delivery of the
project. The IPSASB will also set up a Sustainability Reference Group to
provide advice on its overall sustainability reporting standards development
program.
Global
community engagement is essential to developing sustainability reporting
standards for the public sector. The IPSASB continues to seek support for its
sustainability reporting standards development program and requires additional
resources to be able to scale up its efforts and move with pace. To contribute
financial or other support for the development of global public sector-specific
sustainability reporting standards,
Read the Climate-Related
Disclosures project brief.
Source:
www.ifac.org