WG 71 Sustainability Reporting

Chairman: Datuk Mohd Nasir Ahmad; Project Manager : Mr. Manohar Benjamin Johnson

WG 71 is primarily tasked to review pronouncements issued by IFRS Foundation on sustainability reporting related matters. WG 71 is also responsible to provide feedback and recommendation to the MASB and the Financial Reporting Foundation (FRF) on the strategic direction of sustainability reporting related matters in Malaysia, including consideration of the pronouncements issued by the IFRS Foundation.

In September 2020, IFRS Foundation announced the plan to expand its remit to include sustainability standards alongside financial reporting standards. In April 2021, the IFRS Foundation publishes two-documents in relation to sustainability reporting project; a Feedback Statement which demonstrated global support for it to play a role in global sustainability reporting; and an Exposure Draft that outlines proposed targeted amendments to the IFRS Foundation Constitution to accommodate an International Sustainability Standards Board (ISSB) to set IFRS sustainability standards. The Trustees of the IFRS Foundation aim to finalise the creation of the new board by November 2021.

In view of this development, MASB believes it is timely to inaugurate its work programme on sustainability reporting and WG 71 is established to provide a running start for this.