Abstract:
The COVID-19 pandemic outbreak switched the attention of the policymaker and governments
worldwide toward an emergent global health crisis, digitalization, green supply chain, climate
change, sustainable investments, adoption of green growth, development strategies, and issues in
ESG reporting. In order to meet increased demand for simplifying guidance and framework on
which ESG information is disclosed, the IFRS Foundations decided to establish ISSB. This
thesis critically examines the call for “harmonization” of ESG reporting frameworks and
standards that switch control of ESG report to the investor-oriented standard-setting body. It
investigates the necessity for forming ISSB under IFRS Foundation, its implication on future
ESG reporting, and upcoming issues from IFRS lack of practices and understanding of ESG
reporting on reporting practice. The methodology used is a qualitative research approach of data
collection to make an analysis of existing reports provided by IFRS, VFR, SASB, GRI, Deloitte,
and KPMG, different case studies collected by academics and scholars in journals. Furthermore,
semi-structured interviews were made with professors teaching in Ca ‘Foscari university and two
workers from Big Four. The research indicates that the establishment of the ISSB under these
circumstances shows a lack of engagement with alternatives, mischaracterization of IFRS
Foundation’s expertise about sustainable reporting, and lack of connection between ISSB goals
to fulfillment of SDGs.
