World Bank Group and the IFRS Foundation have agreed to expand the scope of their memorandums of understanding. Credit: PeopleImages.com – Yuri A.

World Bank Group and the International Financial Reporting Standards (IFRS) Foundation have announced an enhanced commitment to support the adoption of sustainability standards in emerging markets and developing economies (EMDEs).  

This initiative, revealed during New York Climate Week, aims to build upon their existing partnership, which helped in the widespread adoption of IFRS Accounting Standards in EMDEs. 

The World Bank has initiated a multi-year roadmap to align its climate and sustainability-related financial disclosures with the International Sustainability Standard Board’s (ISSB) standards.  

This effort takes into account the business models of the International Bank for Reconstruction and Development and the International Development Association. 

Furthermore, the World Bank Group and the IFRS Foundation have agreed to expand the scope of their memorandums of understanding.  

This will facilitate the support for ISSB Standards in EMDEs, ensuring that the standards are proportional and appropriate for these economies. 

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The partnership will persist in engaging with both public and private sector stakeholders, as well as will focus on capacity building. 

IFRS Foundation managing director Michel Madelain said: “Already, a number of jurisdictions with developing economies around the world have signalled the intent to adopt ISSB Standards giving them an opportunity to unlock capital flows and establish transparency within value chains. The IFRS Foundation thanks the World Bank Group for its continued partnership around IFRS Accounting Standards and for its commitment to support the adoption of ISSB Standards in these economies. 

“Furthermore, we applaud the World Bank’s leadership in aligning to the ISSB Standards for its own reporting, sending an important signal to capital market participants worldwide about their value for disclosing sustainability-related information.” 

Earlier in September 2024, the IFRS Foundation Trustees established a new strategic insights group, named the IFRS Foundation Group of Fellows.  

This group is tasked with providing critical evidence to enhance the trustees’ understanding of how IFRS standards affect the global economy.