Review of practical implementation of and recent developments in sustainability reporting requirements

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

Recognizing that reliable accounting and reporting on the financial and sustainability performance of private and public sector entities is a prerequisite for informed investment decisions,

Welcoming progress towards harmonization of sustainability reporting, including through the publication of the first set of sustainability reporting standards by the International Sustainability Standards Board and the endorsement of these standards by the International Organization of Securities Commissions,

Bearing in mind the need for member States, particularly developing countries, to build the regulatory, institutional and human capacity to support the effective implementation of sustainability reporting standards,

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 the practical implementation of and recent developments in sustainability reporting, as presented in the background document prepared for the session (TD/B/C.II/ISAR/105);
2. Welcomes with appreciation the publication of Tackling the Sustainability Reporting Challenge: A Policy Guide by the UNCTAD secretariat;
3. Commends the UNCTAD secretariat for the feedback transmitted, on behalf of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting, to the International Sustainability Standards Board on its request for information on agenda priorities and for the consultative process at its basis;
4. Calls upon the UNCTAD secretariat to continue to monitor deliberations by the International Public Sector Accounting Standards Board on the development of sustainability reporting standards for public sector entities and to act as a channel for the views of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting, as needed;
5. 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;
6. 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;
7. Commends the UNCTAD secretariat for the support provided during the intersessional period to the regional partnerships for the promotion of sustainability reporting in Africa and Latin America and for the series of consultations conducted to support the establishment of similar regional partnerships in Asia and in the Gulf States and other regions, including the Eurasian region;
8. Expresses its appreciation for the insights provided during the session by speakers from a diverse range of sustainable finance and investment stakeholder organizations due to the collocation with the World Investment Forum;
9. Encourages the UNCTAD secretariat to continue to seek synergies with the wider sustainable finance and investment communities.