SAICA position on the developments at the IFRS foundation

SAICA supports the formation of an SSB as a mechanism for coordinating a consolidated and globally accepted reporting standards for sustainability information whilst incorporating all the work already undertaken by the existing international sustainability bodies. SAICA is encouraged by the announcement by the IFRS foundation on 22 March in which it announced the formation of a working group to accelerate convergence in global sustainability reporting standards focused on enterprise value and to undertake technical preparation for a potential international sustainability reporting standards board under the governance of the IFRS Foundation.

The working group is seen as a step in the right direction on building on the work already conducted by the Task Force on Climate related Financial Disclosures (TCFD) and as mechanism to incorporate the technical skills that already exists on a global basis. Coupled to this is the creation of the Value Reporting Foundation, incorporation of the framework designed by the Climate Disclosure Standards Board (CDSB), whose framework guides disclosure of material information for investors through the integration of climate, wider environmental and social-related information into financial reporting.

SAICA also notes the intention to collaborate further with the World Economic Forum, Global Reporting Initiative as well as the CDP. As sustainability is a global phenomenon not limited to a particular country or region, SAICA is pleased by the international collaboration. The financial ecosystem and reporting thereon requires a concentration on a multitude of stakeholders in order to produce financial and corporate information that creates value to these stakeholders and provides information that both accurately reports on and discloses historical information as well as providing insight into the strategy and sustainability of both the entity itself and its commitment to staff, customers, members and the environment in which it operates. To this end, SAICA welcomes and encourages a move to transparent information from both a qualitative and quantitative perspective.

SAICA will continue to keep its members abreast of the developments and also continue to maintain dialogue within its own member structures with a view of contributing to the global conversation and to advocate for a united and sustainable sustainability reporting framework. As a member body of Chartered Accountants Worldwide, SAICA is of the view that global sustainability housed under the guidance of the IFRS foundation trustees places accountants and the accountancy fraternity in an ideal position to lead in this vital path.

The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent accountancy body, is widely recognised as one of the world’s leading accounting institutes. The Institute provides a wide range of support services to more than 50 000 members and associates who are chartered accountants (CAs[SA]), as well as associate general accountants (AGAs[SA]) and accounting technicians (ATs[SA]), who hold positions as CEOs, MDs, board directors, business owners, chief financial officers, auditors and leaders in every sphere of commerce and industry, and who play a significant role in the nation’s highly dynamic business sector and economic development.

Chartered Accountants are highly valued for their versatile skill set and creative lateral thinking, that's why all of the top 100 Global Brands employ Chartered Accountants.

Ms Karin Jacobsen
Project Manager: Marketing and Communications
SAICA Nation Building Division
Tel: ‪011 621 6913
Email: ***@saica.co.za

Mr Kulani Chauke
Corporate Communications Co-Ordinator, Marketing & Communications (SAICA)
Tel: 011 479 0698
Email: ***@saica.co.za