It is currently an exciting time in the world of setting standards for sustainability reporting. It is also a complex and confusing one. Last year saw the IFRS Foundation establish the International Sustainability Standards Board (ISSB). The ISSB has consolidated the Value Reporting Foundation (VRF) and the Climate Disclosure Standards Board (CDSB). The VRF was formed in a merger of the Sustainability Accounting Standards Board (SASB) and the International Integration Reporting Council (IIRC). The ISSB has also made the framework of the Task Force on Climate-related Financial Disclosures (TCFD) a key part of its work. At the same time, the European Financial Reporting Advisory Group (EFRAG) is working to establish the reporting standards for the European Union’s Corporate Sustainability Reporting Directive (CSRD). The Global Reporting Initiative (GRI) had been supporting this work and more recently announced a collaboration with the ISSB. Many wonder whether the confusion of many NGOs working on standards for sustainability reporting is simply being replaced by a world of confusion from different government-backed organizations doing the same thing. It is in this context we think it is useful to put the last two years into the historical perspective of 150 years of setting standards for financial reporting. There is a rich and fascinating literature on the history of the accounting profession and establishment of accounting standards with Professor Stephen A. Zeff being one of the most distinguished scholars in this field. We have benefited enormously from his work.

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