The International Sustainability Standards Board (ISSB), established at COP26 to develop a comprehensive global baseline of sustainability disclosures for the capital markets, launched a consultation on its first two proposed standards on 31 March 2022. One sets out general sustainability-related disclosure requirements, and the other specifies climate-related disclosure requirements. The Exposure Draft IFS S2 Climate-related Disclosures (Climate Exposure Draft) builds upon the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and incorporates industry-based disclosure requirements derived from SASB Standards. https://www.ifrs.org/projects/work-plan/climate-related-disclosures/ cited 10 May 2022. REQUIRED: 1. What is 'sustainability development'? Using Stakeholder theory and Institutional theory explain why corporations would be motivated to voluntary disclose environmental and social information using reporting frameworks such as Global Reporting Initiative (GRI) Standards or International Integrated Reporting Framework (IIRC)? (5 marks) Using the 'entity principle', definition of assets and expenses, and recognition criteria of the elements of accounting contained in the IASB Conceptual Framework for Financial Reporting, explain why the conventional financial accounting practice tends to ignore environmental and social impacts caused by organisations? Provide examples to support your answer. (6 marks)