Review of progress in harmonization and practical implementation of sustainability reporting, assurance and ethical considerations

The Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting,

Recognizing the critical importance of reliable financial and sustainability disclosures for informed investment decisions,

Welcoming progress towards further harmonization of sustainability reporting requirements for entities in the private and public sectors,

Recognizing the urgency of the need for member States, particularly developing countries, to build the regulatory, institutional and human capacity to support the effective implementation of sustainability reporting requirements,

Recalling the UNCTAD mandate in the area of international standards of accounting and reporting, as articulated in the Bridgetown Covenant,

1. Expresses its satisfaction with the work conducted by the UNCTAD secretariat during the intersessional period to review progress in harmonization and practical implementation of sustainability reporting, assurance and ethical considerations (TD/B/C.II/ISAR/109);
2. Calls upon the UNCTAD secretariat to continue to follow developments on sustainability reporting requirements, including the development of sustainability reporting standards for public sector entities, and to act as a channel for the views and positions of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting; and in this connection calls upon the UNCTAD secretariat to establish a consultative group to support this process;
3. Commends the UNCTAD secretariat for the support provided during the intersessional period to regional efforts and partnerships for the promotion of sustainability reporting and for the further consultations it conducted on the launching of similar initiatives in other regions;
4. Requests the UNCTAD secretariat to continue its support to member States, particularly developing countries, on building capacity for the implementation of sustainability reporting requirements, including through technical cooperation projects; and invites donors in a position to do so to support the secretariat in this endeavour;
5. Encourages the UNCTAD secretariat to continue its cooperation with relevant United Nations agencies and other institutions on sustainability reporting in general and on measuring the contribution of the private sector to the achievement of the Sustainable Development Goals in particular.