The Public Interest Oversight Board (PIOB) has certified the Global Ethics Sustainability Standards set by the International Ethics Standards Board for Accountants (IESBA). 

Additionally, the International Organisation of Securities Commissions (IOSCO) has issued a Statement of Support urging its members to adopt or be informed by the newly introduced framework. 

Set to be officially introduced on 27 January 2025, these standards offer a strong ethical framework for sustainability reporting, ensuring reliable information for decision-making by investors, lenders, customers, suppliers, governments, and more. 

The Global Ethics Sustainability Standards encompass the International Ethics Standards for Sustainability Assurance (IESSA) and amendments to the International Code of Ethics for Professional Accountants related to sustainability reporting and the engagement of external experts.  

These modifications are designed to mitigate risks such as bias, conflicts of interest, unethical behaviour, fraud, non-compliance with laws, and threats to the independence of assurance practitioners. 

The IESSA and the revised Code address concerns in sustainability reporting and assurance.  

The standards are particularly focused on issues such as greenwashing and external pressures that may compromise ethical conduct. 

The new standards will be launched in conjunction with the International Auditing and Assurance Standards Board’s (IAASB) International Standard on Sustainability Assurance 5000 (ISSA 5000).  

This joint effort between the IESBA and IAASB reflects an approach to developing interoperable global standards for assurance, ethics, and independence in sustainability assurance engagements. 

IESBA chair Gabriela Figueiredo Dias said: “The certification of IESBA’s new ethics standards framework for Sustainability and Experts, along with IOSCO’s call for its members to adopt or be informed by the framework, marks a significant step to cement ethics as the foundation of trust and accountability in sustainability reporting and assurance.  

“The global sustainability standards infrastructure is now complete, with the ethics piece providing foundational instruments to underpin transparent, relevant and trustworthy sustainability information. Looking forward to the joint launch with IAASB of the new ethics and assurance standards. Join us on 27 January.” 

In 2023, the IESBA released a database of Public Interest Entity (PIE) definitions by jurisdiction to assist with the adoption and implementation of revisions to the definitions of listed entity and PIE (PIE revisions) in the International Code of Ethics for Professional Accountants including International Independence Standards.