Shaping Sustainable Reporting: ICFOA’s Engagement with ISSB’s Taxonomy Development

The International CFO Alliance (ICFOA) is actively engaged in shaping the future of sustainability reporting. Our recent submission to the International Sustainability Standards Board (ISSB) regarding the IFRS Sustainability Disclosure Taxonomy is a prime example of our commitment. This blog post will explain why we undertake these submissions and how they assist our national CFO associations.

Summary of Our Submission

In our response to the ISSB, we focused on several key points:

  1. Integration with IFRS Accounting Taxonomy: We advocated for a single, integrated IFRS Taxonomy instead of a separate sustainability taxonomy, emphasizing simplicity and cost-effectiveness, especially for SMEs.
  2. Practical Limitations of Grouping Approach: We highlighted the practical challenges of the proposed grouping approach in the taxonomy, suggesting it may not align with how entities operate or make strategic decisions.
  3. Simplification of Metrics: We supported a relational table approach for metric reporting but called for simplification of the metrics themselves.
  4. Collaboration with Other Standard Setters: We urged the ISSB to ensure the taxonomy is interoperable with other major standard setters’ taxonomies for consistency and efficiency.

Why We Make These Submissions

Our participation in these global discussions is critical for several reasons:

  • Influencing Global Standards: By providing our insights, we ensure that the evolving standards reflect the practical realities of CFOs and financial organizations globally.
  • Representing National CFO Associations: Our submissions bring forward the collective voice and concerns of our member CFO associations, ensuring they have a say in the development of international standards.
  • Advancing Professional Excellence: Through these engagements, we contribute to the advancement of the CFO profession, promoting best practices and ethical standards.

Benefits for Our Members

Our active role in shaping international standards directly benefits our member associations:

  • Stay Ahead of Global Trends: Members gain insights into upcoming changes and trends in sustainability reporting, enabling them to prepare and adapt accordingly.
  • Enhanced Credibility and Influence: Our contributions to these global discussions enhance the credibility and influence of our member associations in their respective regions.
  • Facilitate Compliance and Reporting: By influencing the development of simpler and more integrated reporting standards, we aid our members in efficient compliance and reporting processes.


The ICFOA remains committed to being a proactive and influential participant in the evolution of sustainability reporting standards. Our engagement with bodies like the ISSB ensures that our members are well-represented and that their needs and concerns are addressed in these critical global frameworks.

Download Submission

The International CFO Alliance (ICFOA) is a non-profit organization, classified as an “1901 association law“ entity, and is officially registered in France. It was established as a legal entity in 2023 and is recognized by the Directorate of Legal and Administrative Information (DILA). This status underscores our commitment to operating as a non-profit, dedicated to serving the interests of our members and the CFO profession globally.

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Telephone: +27(0)12 643 1800


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