Experts have warned the International Financial Reporting Standards Foundation that its sustainability project lacks the digital strategy needed to make it fit for purpose in the context of the current data revolution.
Responding to the current IFRS consultation on ESG-related disclosure, Jane Diplock and Liv Watson caution that whatever the final standards look like, they should be machine-readable.
Diplock is a former Executive Committee Chair of the International Organisation of Securities Commissions (IOSCO), while Watson is a veteran technology and governance professional who is currently advising the development of potential non-financial reporting standards at EU level. Both are involved in the Impact Management Project, which oversees the alignment efforts of the five main reporting standards bodies.
The warning comes as evidence grows that companies are shaping their disclosures for a predominantly AI audience of algorithmic trade…