New Global Sustainability Standards Released – What You Need to Know
The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) have introduced new global sustainability standards aimed at enhancing trust and transparency in sustainability reporting and assurance. These standards establish ethical and technical requirements for assurance engagements on sustainability information.
Key Highlights of the New Standards:
ISSA 5000 (IAASB) – A framework for conducting assurance engagements on sustainability information, ensuring reliability and consistency.
IESSA (IESBA) – Ethics and independence standards to prevent greenwashing and other unethical practices in sustainability reporting.
Framework-Neutral – These standards can be applied alongside any sustainability reporting framework used by entities worldwide.
Global Adoption Expected – While many jurisdictions will adopt the standards from December 15, 2026, South Africa has not yet adopted them.
Why This Matters for Us
Although South Africa has not yet implemented these standards, they could influence future regulatory changes. Accountants involved in sustainability reporting, assurance, or corporate governance should stay informed about how these standards could impact financial and sustainability disclosures.
The expected adoption date for jurisdictions implementing the standards is 15 December 2026 but early adoption encouraged.
Stay Updated & Get Involved
The IAASB and IESBA are hosting online sessions in February 2025 to help stakeholders understand the new standards. You can find more information on dates and with links to register in the IAASB article.
As sustainability reporting becomes a global priority, South African accountants should monitor these developments and prepare for potential regulatory updates.
