The International Federation of Accountants (IFAC) has unveiled proposals to change the International Education Standards (IES), so they embed sustainability – from analysis to reporting to assurance – across aspiring professional accountants’ training.
IFAC CEO Lee White emphasised the significance of the changes, stating: “Investors and other stakeholders need sustainability reports and disclosures that are on a par with the high-quality, decision-useful financial reports that accountants already deliver. To be future-fit, accountants must develop the right competencies to meet this need. The proposals provide a robust framework for the progression to develop capable accountants who produce report, and assure sustainability information.”
Key proposals include:
- Emphasising working with experts and in multi-disciplinary teams.
- Introducing key sustainability reporting concepts, such as systems thinking, value chains and scenario analysis.
- Referencing relevant sustainability reporting and assurance standards.
- Creating new assurance competence area and learning outcomes.
