IOSCO welcomes the initiative by the IAASB to seek early engagement and broad inputs in the consultation on the new international sustainability assurance standard

IOSCO has welcomed the decision by the IAASB to move forward with the consultation on its proposed sustainability assurance standards.
This move is part of the IAASB’s plan to establish an assurance framework for sustainability disclosures by the end of 2024. The purpose of this work is to promote consistency, comparability, and reliability of sustainability-related information provided to the market, thereby enhancing trust in the quality of that information.
IOSCO has called on various stakeholders across the sustainability reporting ecosystem, such as issuers, assurance providers, and investors, to participate in the IAASB’s public consultation scheduled to begin in July of 2023 to ensure a timely delivery in 2024. Their contributions are necessary to ensure a robust standard-setting process that takes into account broad stakeholder inputs and gives them the opportunity to familiarize themselves with the content ahead of the end-2024 reporting period.
Furthermore, IOSCO has welcomed the close coordination by the IAASB with IESBA to ensure robust standards applicable to all providers of sustainability assurance within the parameters of existing governance, due process, and public interest mechanisms.
Already back in September 2022, IOSCO issued a statement applauding IAASB and IESBA’s plan to develop profession and framework agnostic assurance and ethical standards for sustainability-related disclosures. In its March 2023 report on assurance, IOSCO outlined key considerations for promoting an effective global assurance framework for sustainability-related corporate reporting that supports consistency, comparability, and reliability, and overall trust in the quality of sustainability-related information provided to the market.
Furthermore, its 2023 work programme, IOSCO has announced its intention to complete its assessment of the sustainability disclosure standards being prepared by the ISSB. Once the ISSB disclosure standards and the IAASB & IESBA assurance and ethical standards are all in place, it will be possible to issue independently assured sustainability disclosures by issuers of securities on markets (and others) across the globe. This is scheduled to begin in 2025, in accordance with IOSCO’s preferred timetable.