Transition in the sustainability standard setting for global sustainable development: the role of the IFRS Foundation and other salient groups

This chapter investigates the responses of the various influential groups to the International Financial Reporting Standards (IFRS) Foundation’s consultation paper on sustainability reporting, particularly relating to the key issues causing tensions and debates about how sustainability reporting can drive companies towards sustainable development. Further, it examines how the Foundation has progressed in the sustainability landscape and what this means for global sustainable development and the UN sustainable development goals. In this vein, this chapter utilises a stakeholder salience model (SSM) and qualitative content analysis to identify definitive stakeholders and understand their perceptions on the key issues, including how the IFRS Foundation has advanced, and the direction pursued in this context. Consequently, the chapter sheds light on the influential groups’ perspectives on the issues causing tension in the sustainability domain, such as ‘materiality, audience, scope, and core priorities’, and demonstrates how this impacts the IFRS Foundation’s actions, and their implications for the pursuit of global sustainable development. The chapter also highlights areas that require further research.