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Existing Standards Capture Sustainability, Accounting Chief Says

Sept. 28, 2020, 6:00 PM

The body overseeing international accounting standards has highlighted the importance of sustainability issues to financial reporting and confirmed that it is looking at issuing the first global standards governing the issue.

Hans Hoogervorst, chairman of the International Accounting Standards Board, told a conference Monday that “the principle-based approach of IFRS Standards means that issues that relate to, for example, climate change could be captured by our requirements.” He was addressing a virtual meeting of the International Financial Reporting Standards Foundation, parent of the IASB.

The foundation is also looking at the possibility of creating separate sustainability reporting standards, ...