IFAC highlights key areas for accountants amid rising sustainability demands

Posted on April 27, 2024 by Editor

The International Federation of Accountants (IFAC) has published a report outlining four key areas where accountants need to enhance their knowledge to meet the escalating demand for sustainability-related information.

While much of accountants' existing expertise is transferable to sustainability, emerging topics require fresh approaches.

Key importance lies in the demands of new, often digital, sustainability reporting requirements. Accountants must grasp and implement new sustainability-related reporting and assurance standards, establish accurate methods to measure performance, and analyse new types of sustainability-related data sets and scenarios. Additionally, they must design, implement, and evaluate systems, processes, and controls for sustainability-related reporting, ensuring the production of high-quality, decision-useful sustainability disclosures and information.

Dive into the report here.