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IFRS Foundation and GRI announce collaboration agreement

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By Anne Adrain, Head of Sustainability and Reporting

24 March 2022

Main points:

  • On 24 March 2022, the IFRS Foundation and GRI announced that they have signed a Memorandum of Understanding (MoU).
  • The agreement reflects the need for compatibility between sustainability information that meets the needs of the capital markets and that which serves a multi-stakeholder audience.
  • The collaboration will provide two ‘pillars’ that combine financial and impact materiality in sustainability reporting.

This article focuses on the announcement that the IFRS Foundation and GRI have signed a Memorandum of Understanding (MoU).

On 24 March 2022, the International Financial Reporting Standards Foundation (IFRS) and Global Reporting Initiative (GRI) announced that they have signed a Memorandum of Understanding (MoU). Under this collaborative approach their respective standard-setting boards: the International Sustainability Standards Board (ISSB) and the Global Sustainability Standards Board (GSSB), will seek to coordinate their work programmes and standard-setting activities. They will also join each other's consultative bodies related to sustainability reporting activities.

The agreement reflects the importance of ensuring compatibility and interconnectedness of investor-focused baseline sustainability information that meets the needs of the capital markets, with information intended to serve the needs of a broader range of stakeholders.

By collaborating, the IFRS Foundation and GRI provide two ‘pillars’ of international sustainability reporting: the former representing investor-focused capital market standards of IFRS Sustainability Disclosure Standards developed by the ISSB, and the latter GRI sustainability reporting requirements set by the GSSB, compatible with the former, designed to meet multi-stakeholder needs.

In the week commencing 27 March 2022, the ISSB intends to publish proposed Climate and General Sustainability-related Disclosure requirements that, once finalised, are intended to form the global baseline for climate-related disclosures.

The conditions necessary for the reporting of high-quality sustainability information

By Anne Adrain, Head of Sustainability and Reporting

28 February 2022

Global accounting bodies urge profession-wide commitment to reverse nature loss

By Anne Adrain, Head of Sustainability and Reporting

3 March 2022

2022-01-xero 2022-01-xero
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