Italy Tender Results
Italy Tender Results
International Fund for Agricultural Development - IFAD Tender Result
Italy
Contract Date14 Oct 2024
Contract AmountUSD 121.1 K
The International Fund for Agricultural Development (IFAD), a specialized agency of the United Nations based in Rome, Italy, hereby solicits proposals for the Provision Of Advisory Services for the IFRS Financial Report. IFAD is an IFRS compliant institution and in 2020, IFAD received a AA+ credit rating with Stable Outlook from both Fitch Ratings and Standard & Poor’s, both re-confirmed in 2021 and 2022. The IFRS Foundation Trustees created the International Sustainability Standards Board (ISSB) to respond to an urgent demand for transparent financial-related sustainability disclosures by companies. The ISSB mandate is to develop and issue a comprehensive global baseline of sustainability reporting standards (IFRS Sustainability Disclosure Standards) for consistent, comparable and high-quality sustainability reporting designed to meet investor needs. IFRS Sustainability Reporting standards (IFRS S1, ‘General Requirements for Disclosure of Sustainability-related Financial Information’; and IFRS S2, ‘Climate-related Disclosures) have been issued in June 2023 for implementation by first year of adoption of the standards. In this respect IFAD has already undertaken steps towards the implementation of such standards. Phase 1 focused on initial assessments, identifying key sustainability metrics, and beginning the integration of IFRS S1 ‘General Requirements for Disclosure of Sustainability-related Financial Information’ and IFRS S2 ‘Climate-related Disclosures’. With a foundation set once implemented by July 2024, Phase 2 aims to complete the implementation, refine processes, and ensure compliance with the new standards effective for 2024. The ultimate objective is to support IFAD to produce the first financial report compliant to IFRS sustainability standards and support IFAD during the second phase as defined above; and therefore support IFAD to be fully compliant including items initially subject to transition relief to achieve the following: Complete Integration: Finalize the incorporation of IFRS S1 and S2 standards into IFAD’s reporting processes. Data Management and Reporting: Enhance data collection methodologies, ensuring robust internal controls and compliance. Training and Capacity Building: Expand training programs to include new standards and reporting requirements for relevant IFAD staff. Audit and Assurance Preparation: Prepare IFAD for the first audit cycle under the new sustainability reporting framework.
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