ASEAN-BAC Malaysia Unveils Regional Push for Unified Sustainability Reporting Standards
ASEAN-BAC Malaysia, in collaboration with key regional and international partners, has issued a landmark policy statement calling for a harmonised approach to sustainability reporting across ASEAN. The statement was unveiled last night at ASEAN Night, hosted by the Singapore Business Federation, marking a major step toward streamlined, practical, and globally aligned reporting standards for businesses across the region.
The ASEAN Sustainability Reporting Advocacy Collaborative (ASRAC) Statement — the first major output of the ASRAC initiative — aims to reduce duplication, lower compliance burdens, and ensure that sustainability disclosures are scalable for businesses of all sizes, particularly small and medium-sized enterprises (SMEs). It advocates for the adoption of the International Sustainability Standards Board (ISSB) framework as the global baseline, enhanced through a building-blocks approach to accommodate jurisdictional needs.
The statement is the result of a collaborative effort involving ASEAN-BAC Malaysia, the Association of Chartered Certified Accountants (ACCA), the Sustainable Finance Institute Asia (SFIA), and the Asia-Pacific Economic Cooperation Business Advisory Council (APEC-BAC) Malaysia. It is one of the twelve business priorities championed by ASEAN-BAC Malaysia during Malaysia’s ASEAN Chairmanship in 2025.
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