The Colombian standard setter, IPSASB, and IFAC share sustainability reporting developments at the Latin American Partnership meeting
The first 2026 meeting of the Latin American Partnership for the promotion of sustainability and SDG reporting took place virtually on the 26th of March 2026. The new chair, Mr. Oscar Nuñez del Arco, President of the National Accounting Council of Peru, moderated the meeting. Mr. Manuel Arias, Global Head of Member Engagement and Experience at IFAC, presented the State of Play, Sustainability Disclosure and Assurance. Mr. Arias provided an overview of sustainability reporting and assurance practices among G20 countries from 2019 to 2023. He highlighted findings across G20 economies, including insights on the Americas region in comparison with the European Union, other countries from Europe, the Middle East, and Africa (EMEA), and the Asia-Pacific region. The findings included where companies reported on Environmental, Social and Governance issues, assurance rates, the types of firms signing assurance reports, and the application of IAASB standards.
After this, Ms. Sandra Consuelo Muñoz Moreno, Member of the Public Accounting Technical Council of Colombia (CTCP), presented her country’s sustainability reporting convergence efforts. She outlined CTPC’s role, functions, and due process. Ms. Muñoz provided an update on Colombia’s progress in sustainability reporting. This included requirements and initiatives issued by the Superintendency of Finance and the Superintendency of Companies for the private sector, as well as those promoted by the General Accounting Office for the public sector, and developments led by the CTCP. She explained that a multistakeholder committee had recommended that the adoption of ISSB standards considers a phased, proportional, and sectoral approach, based on principles. To support this, the CTCP has developed a Roadmap with recommendations for establishing sustainability reporting standards in Colombia in alignment with the ISSB.
Then, Ms. Judith Apaza, Member of the IPSASB, provided an overview of the development process and requirements of IPSASB Sustainability Reporting Standard 1, Climate-related disclosures applicable to public sector entities. Ms. Apaza noted that the standard is aligned with IFRS S2, while also addressing the broader needs of stakeholders, and adapting to include the terminology and operative model of the public sector. She explained key requirements and transitional reliefs to facilitate the standard’s implementation. She outlined IPSASB’s priorities for 2026, including the development of implementation materials for IPSASB SRS 1 and the finalization of a standard on climate-related disclosures for public policy programmes. Finally, she highlighted countries currently implementing or adopting sustainability reporting standards for the public sector.
Then, Ms. Isabel Garza Rodriguez, Programme Management Officer at UNCTAD, highlighted that UNCTAD is developing a training manual to support the implementation of IPSASB SRS 1. She also announced that the World Bank has joined the Partnership as an observer. She invited Partnership members to attend the upcoming ISAR 43 session, scheduled from the 30th of September to the 2nd of October. Ms. Garza further informed ARL members that UNCTAD is implementing a technical assistance project aimed at strengthening sustainability reporting to foster sustainable finance and investment in Ecuador and Peru. These countries will share their experience and results with the ARL. Mr. Oscar Nuñez del Arco noted that IPSASB SRS 1 has been well received in the region. Then, he announced that the Chairmanship of the ARL will hold meetings with members to learn more about their needs and expectations, as well as the developments in sustainability reporting in their countries. Before closing the meeting, he thanked all members for their active engagement and mentioned that the next Partnership meeting will take place in early July. The meeting was attended by 67 participants (29 women) from 12 countries.
