The Institute of Chartered Accountants of India (ICAI) has issued a new standard on sustainability assurance that will be applicable from April 1, 2027. According to the latest ICAI press release, the standard is titled SSA 5000, which stands for the Standard on Sustainability Assurance. The General Requirements & Framework for Sustainability Assurance Engagements has been designed to align with global standards, marking a significant step in elevating sustainability assurance in India to international levels. As reported by Mint, CA Prasanna Kumar D, President of ICAI, stated that the move would help boost confidence among investors and stakeholders, emphasizing that "SSA 5000 elevates sustainability assurance in India to global standards—a comprehensive, principle-based framework crafted to inspire enduring confidence among investors and stakeholders." The new standard and accompanying framework will come into force for financial years starting on or after April 1, 2027.
SSA 5000 aligns with the International Auditing and Assurance Standards Board's (IAASB) ISSA 5000, incorporating specific carve-outs tailored to the Indian context. According to the ICAI press release, the framework aims to provide a consistent basis for assurance engagements while addressing evolving reporting requirements across the country. The standard pertains to an entity's disclosures about sustainability information across different topics, including climate, labour practices and biodiversity. ICAI President Prasanna Kumar D noted that "with ICAI issuing SSA 5000, India becomes globally aligned with the world." The new standard represents a principles-based framework that broadens the ambit of sustainability assurance while accommodating the diverse reporting frameworks in India. According to an ICAI official, SSA 5000 has been developed with two specific carve-outs from the International Standard on Sustainability Assurance, which relate to joint audits and forward-looking statements, which have been excluded from the Indian standard.
According to the ICAI press release, the standard represents a principles-based framework that broadens the ambit of sustainability assurance while accommodating the diverse reporting frameworks in India. CA Mangesh Kinare, Vice-President of ICAI, emphasized that "SSA 5000 broadens the ambit of sustainability assurance while accommodating diverse reporting frameworks with equal rigour and consistency." The standards have been made in discussion with SEBI and have been recently approved by the ICAI Central Council. From April 2027, existing standards with sustainability reporting frameworks such as SSA 3000 and SAE 3410 will be withdrawn. The implementation of the principle-based standard aims to address emerging reporting demands and maintain stakeholder confidence in corporate sustainability disclosures. The release noted that its implementation broadens the scope of sustainability assurance while accommodating different reporting frameworks with uniform rigour.
As part of efforts to boost reporting and disclosures on sustainability by corporates and other entities, ICAI is taking various initiatives, including the Sustainability Reporting Maturity Model (SRMM). As reported by Business Standard, ICAI sets standards for various activities and has more than five lakh members. The new standard represents a comprehensive approach to sustainability assurance that will strengthen corporate transparency and stakeholder confidence in environmental, social, and governance disclosures. SEBI guidelines mandate top 1,000 listed companies by market capitalisation to publish sustainability data using the Business Responsibility and Sustainability Reporting (BSRS) framework from this fiscal. The ICAI release confirmed that existing standards SSAE 3000 and SAE 3410 will stand withdrawn once SSA 5000 comes into force, marking a complete transition to the new global-aligned framework. This has created a growing need for qualified sustainability assurance professionals, as strong ESG principles can help companies attract investments and remain competitive. According to Mint, the standard may eventually apply to all sustainability assurance engagements conducted by chartered accountants, not just listed companies, with the top 1,000 listed companies by market capitalisation being the initial focus.
