The International Auditing and Assurance Standards Board (IAASB) has approved the International Standard on Sustainability Assurance 5000 (ISSA 5000), marking a significant milestone in sustainability reporting.
The next steps involve finalising the standard’s text for certification by the Public Interest Oversight Board (PIOB) and developing first-time implementation support materials. The final language of the standard is expected to be shared by the end of the month, with formal publication slated for the end of the year. A comprehensive range of guidance and application materials will follow in January 2025.
In preparation, the IAASB calls on translating bodies to seek permission to translate ISSA 5000. Meanwhile, the International Ethics Standards Board for Accountants (IESBA), IAASB’s partner board, also made significant progress on its sustainability-related standards.
These include the International Ethics Standards for Sustainability Assurance (IESSA) and proposed revisions to the International Code of Ethics for Professional Accountants concerning sustainability reporting. The alignment and interoperability between ISSA 5000, IESSA, and the IESBA Code of Ethics are critical in establishing a global baseline for sustainability assurance.
Meanwhile, the Australian Sustainability Reporting Standards were also approved by the Australian Accounting Standards Board (AASB) on 20 September in the AASB’s 209th meeting. The meeting saw an unprecedented turnout, with over 150 registered observers following the Board’s deliberations. The AASB Board officially voted to adopt AASB S1 as a Voluntary Standard and AASB S2 as a Mandatory Standard.