LOADING

Type to search

IAASB Unveils New Global Standard for Sustainability Reporting Assurance

IAASB Unveils New Global Standard for Sustainability Reporting Assurance

IAASB Unveils New Global Standard for Sustainability Reporting Assurance
  • IASSB New Assurance Standard: ISSA 5000 standard establishes a comprehensive framework for sustainability assurance, adaptable to both limited and reasonable assurance engagements.
  • Global Applicability: Designed to be a global baseline, ISSA 5000 aligns with EU’s CSRD and supports various sustainability frameworks including ISSB and GRI.
  • Stakeholder Confidence: Backed by IOSCO, the standard is expected to enhance trust in sustainability reporting, as stakeholder demand for independent ESG assurance grows.

The International Auditing and Assurance Standards Board (IAASB) has officially published the International Standard on Sustainability Assurance 5000 (ISSA 5000), marking a significant step in standardizing sustainability assurance practices globally. IAASB Chair Tom Seidenstein announced this milestone during the recent Accountancy Europe/IFAC webinar, highlighting the collaborative journey leading to its development.

Seidenstein stated, “The IAASB has created a global baseline that can work in every jurisdiction, in Europe and elsewhere,” acknowledging the alignment of ISSA 5000 with the EU’s Corporate Sustainability Reporting Directive (CSRD) and other major sustainability frameworks.

IAASB Chair Tom Seidenstein

Key Details:

ISSA 5000 has been designed to support both limited and reasonable assurance engagements. It incorporates traditional materiality and double materiality concepts, vital for meeting EU requirements. This dual approach ensures that sustainability reports address both enterprise risks and their broader environmental and societal impacts.

Jean-Paul Servais, Chair of IOSCO, praised the IAASB’s timely delivery, saying, “A strong assurance framework for sustainability-related reporting needs to be focused on the public interest and should be profession – and framework – agnostic. I commend the IAASB for delivering sustainability assurance standards well on time with a view to enable the assurance of 2024 corporate disclosure.”

Jean-Paul Servais, Chair of IOSCO

Broad Engagement and Implementation Support: The IAASB underscored its extensive consultation process, which engaged stakeholders across six continents through webinars, roundtables, and feedback sessions. This global input informed a practical, scalable approach to assurance standards.

RELATED ARTICLE: IESBA Launches Public Consultation on New Ethical Benchmark for Sustainability Reporting and Assurance

Seidenstein emphasized the IAASB’s commitment to supporting implementation: “We will release a package of guidance, support videos, and wide range of outreach activities beginning in January 2025,” ensuring practitioners are equipped for seamless adoption.

Outlook:

As the IAASB pushes for ISSA 5000’s widespread adoption, the European Commission has requested that the Committee of European Auditing Oversight Bodies (CEAOB) advise on incorporating the standard into CSRD requirements. This alignment underscores the EU’s leadership in sustainable reporting practices and sets a precedent for global adherence.

To Read the Full Standard, Click Here to Access

Topics

Related Articles

LOADING

Type to search

Blog

Integrity Council Approves New Carbon Removal Standards
Jane Goodall, Trailblazing Primate Expert and Conservationist, Passes at 91
Hong Kong Expands $31B Green Bond Program to Fund Climate Projects
EU Postpones Sustainability Reporting Rules for Non-EU Companies
Asia-Pacific Leaders at UN Global Compact Roundtable Push Sustainability
Luxury Clients Shift Toward Quality, Pre-Owned, and Sustainable Goods, EY Survey Finds
Nuveen Takes Majority Stake in Ally Energy Solutions to Accelerate U.S. Decarbonization
TotalEnergies Sells 50% Stake in $1.25B North American Solar Portfolio to KKR
ExxonMobil Secures Contract to Store AtmosClear’s Biomass CO₂ in Louisiana
SBTi Launches First Global Register of Certified Target-Setting Experts
Norges Bank Commits $1.5 Billion to Brookfield’s Global Transition Fund II
Indonesia’s Sovereign Fund Moves Ahead With Waste-to-Energy Buildout
EU Council Approves Simplification of Carbon Border Adjustment Mechanism
EIB Adopts Phase Two of Climate Bank Roadmap, Doubles Adaptation Finance to $32B
Image of official Toronto Climate Week logo nad icon in reverse white text over blue background
PwC Survey Finds Rising Pressure and Value in Corporate Sustainability Reporting
IBM Launches API to Embed Emissions Data into Corporate and Vendor Tools
Founder Group to Build $2.76B Solar and Storage Complex in Sarawak
Germany Delivers Nearly $14 Billion in Climate Finance for 2024
","session_id":"ep-sess-1760730794-UooZI8vt","page_url":"https:\/\/esgnews.com\/iaasb-unveils-new-global-standard-for-sustainability-reporting-assurance\/","post_id":"31822","tracking_enabled":"1","original_referrer":"","has_embedded_content":""}; /* ]]> */