Question
The IFRS Foundation was established to develop a single set of globally accepted accounting standards. It is the organisation behind IFRS Standardsfinancial reporting standards required
The IFRS Foundation was established to develop a single set of globally accepted accounting standards. It is the organisation behind IFRS Standardsfinancial reporting standards required for use by more than 140 jurisdictions. The Trustees are responsible for the strategic direction and governance of the Foundation as well as for oversight of the International Accounting Standards Board, which sets IFRS Standards. Amid heightened focus on environmental, social and governance (ESG) matters, developments in sustainability reporting and increased calls for standardisation of such reporting, the [IFRS Foundation] Trustees are now seeking stakeholder input on the need for global sustainability standards and gauging support for the Foundation to play a role in the development of such standards. IFRS Foundation website, October 2020
Answer the following questions related to the proposal that the IFRS Foundation establish a Sustainability Standards Board alongside the International Accounting Standards Board (IASB):
a) Critically analyse the strengths and weaknesses of one of the current frameworks or set of standards designed to increase transparency on sustainability issues.
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