IFAC Updates Global Accountancy Standards to Embed Sustainability Reporting and Assurance
- New sustainability-focused competencies are now mandatory in professional accountants’ training.
- Updates establish a global standard for sustainability reporting and assurance.
- Revisions emphasize integrity, authenticity, and equity in professional assessments.
Demand for robust sustainability reporting has surged globally, prompting IFAC (International Federation of Accountants) to significantly update the International Education Standards (IESs).
The revised IESs now embed sustainability competencies—including analysis, reporting, and assurance—into the foundational training for aspiring accountants.
“These revisions ensure that professional accountants develop the right competencies to support high-quality sustainability reporting and assurance,” said Lee White, IFAC Chief Executive Officer.
What’s New:
- Integrated Sustainability Approach: Sustainability now woven into all aspects of professional accounting education.
- New Assurance Competence Area: Specialized skills in sustainability assurance mandated.
- Strengthened Business Acumen: Enhanced training in strategic thinking around sustainability issues.
- Behavioral Competencies: New skills to better equip accountants for ethical decision-making.
- Expanded Explanatory Materials: Additional guidance to support global adoption and implementation.
IFAC also modernized IES 6, introducing integrity and authenticity as core principles, revising equity standards, and providing updated guidance on hybrid and remote assessments.
These updates aim to ensure accountants worldwide remain trusted experts capable of delivering transparent and accurate sustainability-related information.
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