Tag: Financial Reporting Council

FRC Public Consultation on Introduction of International Standard on Sustainability Assurance (UK) 5000

Stuart Mitchell

The Financial Reporting Council (FRC) has today issued a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000, “General Requirements for Sustainability Assurance Engagements”. The consultation proposes ISSA (UK) 5000 for use on a voluntary basis by assurance providers. The FRC proposes alignment with the international standard in order to minimise burdens for firms carrying out assurance engagements across multiple jurisdictions. The profession-agnostic Standard supports application by both professional accountants and other assurance practitioners, provided they meet the relevant quality management and ethical requirements.…

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UK Sustainability TAC issues final recommendations

Stuart Mitchell

The Financial Reporting Council (FRC), in its role as the Secretariat to the UK Sustainability Disclosure Technical Advisory Committee (the TAC), has published the Committee’s final recommendations to the Secretary of State for Business and Trade, recommending endorsement of the first two IFRS Sustainability Disclosure Standards for use in the UK. The TAC received a commission in May 2024 from the then Minister for Enterprise, Markets and Small Business to provide advice on the endorsement of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related…

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