Last week, the UK Financial Reporting Council (FRC) announced the issuance of International Standard on Sustainability Assurance (UK) 5000, “General Requirements for Sustainability Assurance Engagements”, which
“provides UK companies, investors and assurance providers with a consistent, internationally aligned assurance standards for voluntary use in sustainability assurance engagements…
The Standard provides comprehensive requirements for conducting sustainability assurance engagements, applicable to both limited and reasonable assurance, and is designed to be profession-agnostic.
The UK Standard is intended for voluntary use by UK assurance providers and aligns with the international standard. By assuring the credibility of UK sustainability reporting, ISSA (UK) 5000 will support more informed investment decisions and enhance the attractiveness of the UK as a leading destination for sustainable finance.”
The standard “applies to all assurance engagements on sustainability information. It applies to all types of sustainability information, regardless of how that information is presented” except for “sustainability information that is required to be included in the entity’s financial statements in accordance with the applicable financial reporting framework. The auditor of the entity’s financial statements is required to apply the International Standards on Auditing to such information.”
ISSA (UK) 5000 is effective for periods beginning on or after December 15, 2026. Earlier application is permitted.
Members can learn more about sustainability assurance here.
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