With rising demands for reliable sustainability data across the globe, ISSA 5000 addresses the need for a unified, global framework to ensure the credibility of sustainability disclosures

The International Auditing and Assurance Standards Board (IAASB) has approved the ISSA 5000, an international standard that sets a new benchmark for sustainability assurance. This is important as sustainability reporting becomes an essential element of corporate strategies and investor decision-making. With rising demands for reliable sustainability data across the globe, ISSA 5000 addresses the need for a unified, global framework to ensure the credibility of sustainability disclosures.

The ISSA 5000 standard introduces a risk-based approach to sustainability assurance, emphasizes the need for enhanced professional skepticism, and enhances transparency during assurance engagements. It applies to a wide range of sustainability reports, from climate-related risks to social and governance data. The standard has received support from the International Organization of Securities Commissions (IOSCO), further solidifying its global relevance and importance.
As global attention intensifies on environmental, social, and governance (ESG) issues, the need for robust assurance on sustainability disclosures has never been greater. The adoption of ISSA 5000 ensures that assurance practitioners will have the tools and guidelines to meet this demand and support companies in verifying their sustainability claims. This standard will not only enhance the credibility of sustainability reporting but also build investor confidence worldwide.

The Ministry of Finance of Georgia, through its Service for Accounting, Reporting, and Auditing Supervision (SARAS), recognizes the significance of this development. They are ready to initiate the necessary legal processes to introduce the international standard in the Georgian language and ensure its effective implementation within the country.