To support the work of the International Sustainability Standards Board’s (ISSB) the IFRS Foundation has announced the completion of the consolidation of the Value Reporting Foundation (VRF) into the IFRS Foundation.
This will allow the IFRS Foundation’s resources of leading global sustainability disclosure initiatives to work with the ISSB to develop a comprehensive global baseline of sustainability disclosures.
Context for beginners
VRF was responsible to maintain the Sustainability Accounting Standards used to enable organizations to provide industry-based sustainability disclosures about risks and opportunities that affect enterprise value. These standards serve as a key starting point for the development of the IFRS Sustainability Disclosure Standards, while the Integrated Reporting Framework provides connectivity between financial statements and sustainability-related financial disclosures.
Visit the IFRS website to read about the merger and more here.
Find out more about the Integrated Reporting Framework here.