As of December 2021, international accounting standards are required or permitted in over 140 countries. With few countries left to bring into the fold (and the United States still not interested), the focus of the IFRS Foundation has moved to a new harmonisation project: sustainability reporting. In November 2021, at COP26, the IFRS Foundation announced the formation of an International Sustainability Standards Board (ISSB). The IFRS Foundation also announced that it had reached an agreement to consolidate the ISSB with the Climate Disclosure Standards Board (CDSB), an initiative of CDP, and the Value Reporting Foundation (which resulted from the already merged International Integrated Reporting Council (IIRC) and Sustainability Accounting Standards Board (SASB) Foundation). However, Europe and the European Financial Reporting Advisory Group (EFRAG) announced in July 2021 it would work with the Global Reporting Initiative (GRI) on new EU sustainability reporting standards, According to an article by Eco-Business, this leaves two dominant players in the sustainability reporting space with at least one key difference: For the ISSB, sustainability reporting will provide useful information to investors. While for EFRAG and the GRI, the objective of sustainability reporting will be to ensure that companies act in society's broader, long-term interests. Student A makes a case in support of the ISSB sustainability project. Student B makes a case supporting the EFRAG and GRI sustainability project. Important: To answer the decision case, (1) introduce the topic, (2) provide background context, and (3) draw your conclusion. Use the information in the article provided and apply one or more of the theories taught in Module 4 to help you make your case. Students doing their oral presentations may wish to do additional research.