The International Federation of Accountants announced that it has updated its International Education Standards (IES), which forms the baseline for accounting organizations’ education and training programs, to embed sustainability competence in the initial training programs for professional accountants.

IFAC’s membership includes more than 180 professional accounting organizations across over 135 jurisdictions worldwide. The organizations’ IESs set out the principles and learning outcomes all accountancy programs should follow, including requirements for pre- and post-qualification education.

According to IFAC, the revision of the IES standards comes as demand for sustainability-related disclosures has increased significantly, over the past few years, leading to the development of new international reporting, assurance and ethical standards, with widespread global adoption expected, and many jurisdictions making such disclosures mandatory.

Aimed at addressing these evolving needs, IFAC’s update adds sustainability analysis, reporting and assurance to its education standards for accountants. Key changes to the standards include embedding sustainability concepts throughout the IES learning outcomes to ensure that accountants are able to connect financial and sustainability data and information, and an enhanced focus on assessing sustainability impacts on business models, value chains, and organizational strategy, as well as the introduction of a new assurance competence area, and sustainability enhancements reinforcing skills such as decision making, adaptability, and collaboration. IFAC also released explanatory materials to facilitate implementation by professional accountancy organizations, universities, and training programs.

Lee White, IFAC Chief Executive Officer, said:

“IFAC and our members are committed to equipping professionals with the skills and competencies needed to deliver high-quality disclosures of sustainability-related financial information and services.”