ASEAN-BAC Malaysia, ACCA Launch Regional Sustainability Reporting Policy

The ASEAN Business Advisory Council (ASEAN-BAC) Malaysia, the Association of Chartered Certified Accountants (ACCA), and their partners have launched the ASEAN Sustainability Reporting Advocacy Collaborative (ASRAC) Statement to harmonize sustainability reporting across Southeast Asia. This regional policy advocates for adopting the International Sustainability Standards Board (ISSB) standards as a global baseline, using a building-blocks approach that allows local jurisdictions to add contextual requirements while maintaining alignment with global norms. The initiative aims to reduce reporting overlaps from frameworks such as the European Sustainability Reporting Standards (ESRS) and emphasizes proportionality to ensure that small and medium enterprises (SMEs) can comply without excessive burden. Unveiled at the ASEAN Conference 2025 in Singapore, the statement reflects ASEAN’s shared commitment to practical and high-quality sustainability reporting and is part of Malaysia’s ASEAN Chairmanship business priorities. ACCA highlights that aligning with ISSB standards will help safeguard ASEAN’s regional competitiveness and ensure its voice in shaping global disclosure frameworks. This collaborative effort is supported by several regional organizations, including the Sustainable Finance Institute Asia and APEC-BAC Malaysia, and builds on an upcoming ACCA report to be released later in July 2025.