A Major Consultation from the IFRS Foundation

The IFRS Foundation starts a Major Consultation on a Role in Sustainability Standards

A major development, particularly timely as part of the post- COVID19 imperative to take nature's woes and man's unsustainable recklessness seriously. Too many, uncoordinated, sustainability standards initiatives, needs a harmonised global approach. The Foundation may be well placed to facilitate that harmonisation. I am in principle against monopolies, believing that plurality, well managed, can be a strategic eco-system strength. So, the challenge will be how to combine the efficiencies of central coordination with the effectiveness of a plural structure, securing buy-in from key stakeholders. As a former National Standard Setter (NSS), my experience is that the Foundation, through its links with NSSs and other eco-system entities for accounting standards, has already shown that such a combination of efficiency and effectiveness is possible. For all our sakes, let us hope that this initiative delivers results and FAST. Comments are due by 31 December 2020.