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The International Auditing and Assurance Standards Board (IAASB) has agreed to collaborate with the World Business Council for Sustainable Development (WBCSD) to support their project to incorporate sustainability into mainstream reporting.

The WBCSD has decided to fund the IAASB’s support of its Redefining Value project stating that the Board’s independent decision making will better support emerging external reporting assurance. The project aims to ensure that external reporting follows the applicable IAASB international assurance standards, therefore, the IAASB has agreed to develop guidance for applying existing assurance standards to emerging external reporting (EER) assurance.

WBCSD managing director of redefining value, Rodney Irwin said: “The scale of the challenges we face in moving towards a system that considers financial and non-financial information requires unprecedented collaboration.”

Work will commence from December 2017 and draft guidance is expected by the end of 2018.

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By GlobalData