U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has raised concerns about the growing role of the IFRS Foundation in global sustainability reporting. Speaking at the OECD Roundtable on Global Financial Markets, Atkins cautioned that the Foundation’s support of the International Sustainability Standards Board (ISSB) could dilute the core mission of the International Accounting Standards Board (IASB), which has long been focused on financial accounting standards. His remarks signal potential unease in the U.S. about how sustainability disclosure frameworks are evolving worldwide.

Atkins argued that the IFRS Foundation’s expanded remit now stretches beyond traditional accounting and could compromise the IASB’s independence. He noted that when the SEC eliminated the requirement in 2007 for foreign companies to reconcile IFRS statements with U.S. GAAP, it was on the assumption that the IASB would remain financially stable and free from external pressures. If the Foundation’s dual support for both the IASB and ISSB threatens that stability, Atkins suggested the SEC may need to revisit its acceptance of IFRS in U.S. markets.

Funding and governance were also highlighted as key issues. Atkins questioned whether the IASB will continue to receive reliable, independent funding now that resources are being shared with the ISSB. For him, any risk of cross-subsidization or weakened accountability undermines the credibility of global accounting standards. The IFRS Foundation, however, has reassured stakeholders that the two boards operate with independent funding streams and that long-term financial strategies are being developed to secure their operations.

Beyond funding, Atkins expressed concern about the purpose of sustainability reporting itself. He warned against allowing standards to become vehicles for political or social agendas, stressing that disclosure requirements should focus narrowly on financial materiality: how sustainability issues affect a company’s performance and value. This contrasts sharply with Europe’s “double materiality” approach, which obliges companies to disclose not only how sustainability issues impact them, but also how their operations impact society and the environment.

The debate underscores a larger tension in global ESG reporting. While many investors and regulators are calling for more comprehensive sustainability disclosures, U.S. regulators remain cautious about moving beyond financial impacts. How this divide is resolved could shape the future of international reporting standards, as well as the ability of global markets to converge on a common ESG framework.

资料来源

https://www.esgtoday.com/sec-chair-warns-ifrs-foundation-over-support-for-international-sustainability-standards-board/