Sustainability
The International Sustainability Standards Board (ISSB) has announced an expansion of its newly named Jurisdictional Adopters Working Group, to boost discussions on creating a passporting system recognising sustainability reports from the 39 jurisdictions authorising or planning to authorise ISSB standards. The goal is that these ‘jurisdictions accept reports prepared in accordance with the ISSB Standards… accommodating jurisdiction-specific conditions as needed’ to ‘lower costs for preparers and… deliver efficiencies and comparable information for capital markets and preparers’.
The Taskforce on Nature-related Financial Disclosures (TNFD) is the latest sustainability reporting organisation integrating its work into the ISSB. It will complete technical work in progress by Q3 2026 and pause the commencement of further technical guidance work, said an ISSB note. This follows the ISSB advancing work on nature-related risks and opportunities through introducing incremental disclosure requirements on these topics into its existing standards IFRS S1 and IFRS S2.
The Organisation for Economic Cooperation and Development (OECD) has released a Global Corporate Sustainability Report 2025, finding that 91% of listed companies worldwide published a study on the adoption of sustainability reporting and assurance during 2024. Of the listed companies assessed, 88% received third-party assurance.
The Global Reporting Initiative (GRI) has launched an Integrity Matters Checklist giving non-state organisations (including investors and businesses) a system for reporting climate policy actions, aligned with United Nations guidance. This includes how organisations should report on efforts to cut greenhouse gas emissions, implement transition plans and reduce investment in fossil fuels.
Public sector
The International Public Sector Accounting Standards Board (IPSASB) has released amended guidance on materiality in public sector accounts, stressing what information should be included and what could be left out. Under its new changes to IPSAS 1 on the presentation of financial statements, the board says: ‘Information is material if admitting, misstating or obscuring it could reasonably be expected to influence the discharge of accountability by the entity…’
The Pacific Association of Supreme Audit Institutions (PASAI) has reported on audits of responses to climate-related matters by government agencies in nine Pacific island states: the Federated States of Micronesia, Fiji, the Marshall Islands, New Caledonia, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu. Their audit offices selected one of three topics: examining water resource management; implementing climate change adaptation; and adapting to sea level rises and coastal erosion.
Financial reporting
The IFRS Foundation is looking for broader financial support from jurisdictions using its accounting and reporting standards. Currently, only 25% of jurisdictions requiring the use of International Accounting Standards Board (IASB) guidelines fund the IASB; and International Sustainability Standards Board (ISSB) seed financing is due to expire in 2026. The foundation is therefore seeking mid-term ‘fair share’ funding from governments ‘benefiting from adopting or otherwise using the standards contributing to their development and maintenance’.
Auditing
The International Federation of Accountants (IFAC), the International Organisation of Supreme Audit Institutions (INTOSAI) and INTOSAI Development Initiative (IDI) have agreed to better collaborate in boosting public sector auditing. A memorandum of understanding has committed them to exchanging knowledge, experience and best practices; working to stage joint events, forums and dialogues; cooperating in liaising with donors for capacity-building projects; and promoting relevant initiatives and publications.
Accountancy bodies
The International Federation of Accountants (IFAC) has released a second IFAC Professional Accountancy Organisation (PAO) Strategy Planning Toolkit: Continuous Learning and Improvement Edition. It aims to help accounting organisations define and communicate their value, measure performance and reform operations.
IFAC and the International Bar Association (IBA) have launched an initiative aimed at supporting legal and accountancy professional bodies in fighting money laundering through a series of regional AML capacity building events, including workshops. The first was staged in the Cayman Islands in October, with professional accountancy bodies from 22 jurisdictions in the Caribbean and beyond attending.
More information
Register to attend ACCA’s annual virtual Accounting for the Future conference to earn over 21 units of free CPD. Sessions include: cyber risk and organisational accountability; ethical culture and governance; and sustainability reporting
