The Importance of International Financial Reporting Standards (Ifrs) and the New Sustainability Reporting Standards, Ifrs S1 and Ifrs S2, in Sustainable Business Development in the Us

In a rapidly globalizing world marked by globalization and harmonization of financial reporting principles and standards as well as increasing environmental concerns and a clarion call for corporate transparency, new IFRS financial reporting standards such as IFRS 17 and non-financial sustainability reporting IFRS S1 and IFRS S2 standards have emerged as significant markers for the competitive advantage of a company.The United States, with its dominant position in the global business landscape, offers a unique perspective on the integration and implications of these standards, making exploring this topic especially pertinent.The purpose of the study is to clarify the criticality of the need to implement new IFRS financial reporting standards, such as IFRS 17 for US companies, as well as IFRS S1 and IFRS S2 for sustainable business development in the US.The study investigates how these standards can drive transparency, facilitate informed investment decisions, and catalyze a shift toward sustainable business practices in the American corporate ecosystem.A mixed-methods approach was employed, and supplementary data were sourced from relevant literature, institutional reports, and regulatory policy documents.Research results indicate a growing recognition among US businesses of the benefits of aligning US companies' reporting with IFRS S1 and IFRS S2, including enhanced investor trust, competitive advantage, and better risk management.The research underscores the potential of IFRS S1 and IFRS S2 to act as catalysts for sustainable business development in the US.