The International Auditing and Assurance Standards Board (IAASB) said recently it has agreed to collaborate with the World Business Council for Sustainable Development (WBCSD) to strengthen international assurance standards on sustainability reporting.
The collaboration supports WBCSD’s Redefining Value program and its objective to incorporate sustainability reporting within mainstream reporting, while ensuring external reporting follows the applicable IAASB international assurance standards (or their national equivalents), IAASB noted.
This consistency will champion the road to create greater alignment across reporting frameworks and build trust and confidence in sustainability reporting, the organization added.
With support and funding from WBCSD, the IAASB approved a major new project to develop voluntary guidance on applying its existing assurance standards to emerging forms of external reporting (EER). EER goes beyond traditional financial reporting to include sustainability (or ESG) information and integrated reporting.
Work will begin in December 2017 and draft guidance on key challenges is expected to be published in Q4 2018, IAASB said.