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IASB Backs Global Sustainability Project

Global Glimpses | August 11, 2010

The International Accounting Standards Board (IASB) has thrown its weight behind a plan to develop a globally accepted framework for sustainability accounting.

The involvement of the IASB in the project means that the framework could become an integral part of the reporting standards that companies in hundreds of countries—but not yet the U.S.—are required to follow, rather than an optional bolt-on.

The newly formed International Integrated Reporting Committee (IIRC), which is going to create the framework, has the backing of leading global governance organizations.

Its members include the South African governance guru and chair of the Global Reporting Initiative, Mervyn King, and the head of International Federation of Accountants, Ian Ball.

The IIRC said its framework will bring together financial, environmental, social, and governance information...

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