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World Accounting Report


During the past two months, extreme temperatures around the world have led to fires in many countries, while others have experienced severe floods. The COP26 Climate Conference is scheduled to be held in just over two months. It is clear that the race against time to mitigate the effects of climate change is becoming more urgent as the planet is moving towards a tipping point at which it would become too late to take effective action to limit the changes. Against this backdrop, the Trustees of the IFRS Foundation have held webinars to report on the progress of the work expected to establish an International Sustainability Standards Board (ISSB). In addition to the groups already created (a steering group, a technical readiness working group, and a multilateral working group), an eminent persons group under the chairmanship of Jean-Claude Trichet, formerly president of the European Central Bank, has been set up to provide strategic advice and counsel to the Trustees. Following a meeting in Venice in July 2021, G20 finance ministers and central bank governors issued a communique that stated they would work to promote the implementation of the Financial Stability Board (FSB’s) Task Force on Climate-related Financial Disclosures (TCFD) framework. They welcomed the work of the Foundation to develop a baseline global reporting standard to build on that framework, and the work of sustainability standard-setters. The Trustees are now in the process of analysing the comments they have received on their proposed changes to the Constitution. A final decision on whether to establish the ISSB will be made before COP 26 in November 2021, but it seems likely that they will decide to proceed with the project.

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