The IPSASB begins the development of the first public sector sustainability reporting standard

The IPSASB issued a consultation paper on Advancing Public Sector Sustainability Reporting in May 2022. Respondents supported the development of public sector specific sustainability reporting standards. They noted that the public sector urgently requires its own sustainability reporting standards and that the IPSASB should lead its development.

The IPSASB identified climate change as one of the most important issues in sustainability reporting, which encompasses environmental, social and governance issues. The IPSASB decided at their June 2023 meeting to begin the development of a Climate-related Disclosures standard. This will be the first standard in a suite of public sector sustainability reporting standards, because:

• Climate change is happening and its effects can be seen in many parts of the world.
• This aligns to the views from the respondents to the consultation paper.
• Climate-related Disclosures is a topic that the International Sustainability Standards Board issued first as part of their sustainability reporting standards.

The IPSASB plans to establish a climate-related topic Working Group to provide climate-related expertise and advice for the development of the standard. The IPSASB also plans to establish a Sustainability Reference Group to provide advice on the development of its overall sustainability reporting standards.

Access the approved Climate-Related Disclosures project brief here.

Disclaimer

The article has been prepared by the Secretariat of the ASB for information purposes only. It has not been reviewed, approved, or otherwise acted on by the Board.