The IFRS Foundation is advancing its plans for the Asia-Oceania hub for its new sustainability standards board, and has finalised its European hub.

That announcement came on the same day that the IFRS Foundation finalised its European hub in Frankfurt, Germany, in order to get the new arrangements for the development of global sustainability rules in place.

German private and public sector entities are a part of the cohort that have signed the agreement this week. The German government is included in the signatories.

This signing of a memorandum of understanding between the foundation and German entities is the latest step in moving the development of sustainability standards forward.

The global environment conference, COP 26, was held last November and it was the first time the sustainability standards board was given a proper global airing.

Erkki Liikanen, Chair of the IFRS Foundation Trustees, welcomed the signing of the agreements with Germany.

“The formalisation of our collaboration with public and private institutions in Germany will enable us to establish the ISSB’s Frankfurt office, which?together with Montreal—will host key functions and facilitate engagement and cooperation with regional stakeholders,” Liikanen said.

The chairman of the new global standard setter on sustainability standards, Emmanuel Faber, said the German hub will be among a global network of locations.

Australia’s standard setters are still getting together their plans to develop guidance using the existing standard setting boards as the international body advances its plans to set up its international hubs.

The recent meeting of the Australian Accounting Standards Board considered a set of board papers dealing with how best to put interim climate change disclosure guidance in place.

There is also an outreach session being hosted by the AASB on how entities should implement the recommendations of the Task Force on Climate-related Financial Disclosures on 23 March 2022.