Carbon accounting is set to become as standardised as financial accounting. This is a ground-breaking milestone, in response to the growing and urgent demand for streamlining and formalising of corporate sustainability disclosures.
For those of you already measuring your greenhouse gas emissions who have been frustrated by the plethora of different rules applying to carbon accounting in different places, life is about to get simpler.
The International Financial Reporting Standards (IFRS) Foundation has announced the formation of a new International Sustainability Standards Board (ISSB) to develop a comprehensive global baseline of high-quality sustainability disclosure standards.
The IFRS Foundation will complete consolidation of the Climate Disclosure Standards Board (CDSB), an initiative of the Carbon Disclosure Project (CDP) and the Value Reporting Foundation (VRF), which houses the Integrated Reporting (IR) Framework and the Sustainability Accounting Standards Board (SASB) by June 2022.
It will also publish prototype climate and general disclosure requirements developed by the Technical Readiness Working Group (TRWG) in preparation for the establishment of the ISSB.
Further information is available here.
If you are wondering what to do until all this work is finished, book a meeting or head over to the Evalue8 website. We make it our business to ensure that our web application is compliant with the various carbon accounting standards applicable, so that you don’t have to worry about the changing reporting landscape and can focus your efforts on your business. We will be incorporating any changes in standards as soon as possible when they become available.