The International Federation of Accountants (IFAC) and The Prince of Wales’s Accounting for Sustainability (A4S) project have entered into a memorandum of understanding to support the global accountancy profession’s role in developing sustainable organisations.
IFAC and the A4S will support the work of accountants in embedding sustainable practices by:
- Facilitating collaboration across the global accountancy community, for example by developing a community website that will allow for the exchange ideas;
- Establishing an international integrated reporting committee to develop a new reporting model to better reflect the impact of financial, environmental, social, and governance factors on the long-term performance of an organisation; and
- Incorporating accounting for sustainability within professional training and education.