Skip to main content

Corporate reporting on sustainability strengthens significantly


ISSB standards to provide consistent global baseline

Corporate reporting of sustainability-related information takes a significant step forward with the publication of two ground-breaking global standards.

 

ACCA welcomes the publication of two standards from ISSB (the International Sustainability Standards Board) IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.

 

Helen Brand, ACCA chief executive, said: ‘The launch of these first two global sustainability standards is an important and significant step forward in business reporting, providing a global baseline for comparable information on sustainability issues, which will help investors, financial markets and society more widely. The focus they provide will help drive the positive changes we need in the way businesses operate in the face of the threat from climate change.

 

‘ACCA will continue to support the ISSB’s important work. The influence of the accountancy profession – with its members working inside and advising businesses across the world – means it has a hugely important role to play in creating a better, more sustainable world that works for everyone. Consistent global standards are a key part of that picture and we look forward to playing our role in driving their success.’

 

The first corporate reports aligned with the new standards will be for 2024 reports published in 2025 with the picture varying by jurisdiction. In some jurisdictions large and listed companies and public interest entities will be required to publish sustainability reports as early as 2025. And SMEs may well be required to provide sustainability reporting as part of value chain reporting.

 

Assad Hameed Khan, head of ACCA Pakistan, said: ‘These standards will make sustainability reporting more consistent, connected and meaningful. Importantly, they mark the early stages of the work accountancy professionals are achieving in driving systematic changes in sustainability reporting and its integration with financial reporting. They will drive wider changes too as sustainability reporting is likely to drive sustainability-led strategies, and there will be operational changes required to implement them and their reporting. Investors will see this as the start of providing the information they require to allocate capital more efficiently and responsibly.’

 

‘We look forward to continuing to work with the ISSB and other stakeholders in playing our part to build sustainability reporting capacity and tackle the climate emergency.’

 

Building on the framework for Integrated Reporting <IR>, IFRS S1 emphasises the need for consistency and connection between financial statements and sustainability reporting. Those using the standards are expected to explain linkages in information and use consistent assumptions.

 

IFRS S2 incorporates The Task Force on Climate-Related Financial Disclosures’ (TCFD) recommendations and guidance including the structure of governance, strategy, risk management metrics/targets.

 

Companies which are already reporting by TCFD are well on their way to complying with ISSB.

 

ACCA has been closely involved with the creation of the standards and has worked with the ISSB improving and refining the original draft standard. We also continue to work to develop the accountancy profession’s role in driving sustainability, for example through our ‘Accounting for a better world’ agenda for action, which seeks to drive and highlight the role of accountants in creating a fairer and more sustainable world.

 

Sustainability has been part of the ACCA Qualification since 2013, when Integrated Reporting <IR>, was added to the syllabus. In addition to sustainability reporting, the syllabus now includes topics such as social and environmental assurance, environmental tax, and internal control and management systems for sustainability and environmental reporting. We also offer a wide range of CPD courses in this area.

 

Read more on the ISSB standards.

Comments

Post a Comment

Popular posts from this blog

Peshawar Zalmi Releases "Zalmi Raalal" Official Anthem Powered by TCL

             TCL, Pakistan's No.1 LED TV Brand, in collaboration with Peshawar Zalmi, has released their most awaited anthem for PSL 8, " Zalmi Raalal ". Directed by the maestro Hassan Dawar himself, "Zalmi Raalal" is a star-studded, power-packed amalgamation of music, fashion, and sports, the three foremost passion points of Peshawar Zalmi. Produced by Naughty Boy, who has worked in the global music industry with the likes of Beyoncé, Wiz Khalifa, and Sam Smith, the music video features cricket's biggest superstars Darren Sammy and Babar Azam, as well as Pakistan's biggest celebrities Mahira Khan and Hamza Ali Abbasi. Peshawar Zalmi's official anthem for 2023, "Zalmi Raalal", is an ode to passion, a story entailing the beauty and power of the KP region and its people. The anthem has crossed one million views on all online platforms since its release, and the number is increasing fast.   The star-studded and narrative-centric anthem feature...
Post a Comment
Read more

Huawei and OPPO Sign Global Patent Cross-licensing Agreement

            Huawei and OPPO announced the signing of a global patent cross-licensing agreement, which covers cellular standard essential patents, including 5G. "After more than 20 years of continuous innovation, Huawei has developed multiple high-value patent portfolios in the global marketplace in domains like 5G, Wi-Fi, and audio/video codecs," said Alan Fan, Head of Huawei's Intellectual Property Department. "We are delighted to have reached a cross-licensing agreement with OPPO. The mutual recognition of intellectual property value between companies is a major step towards fostering a positive cycle of innovation and research in high-value standards: investing, receiving returns from investment, and then reinvesting. This will enable our industry to keep innovating and provide consumers with more competitive products and services." "We are very pleased to enter into patent cross-licensing agreement with Huawei. It clearly demonstrates that the two compa...
Post a Comment
Read more

Befiler Becomes an ACCA Approved Employer under Trainee Development – Gold Category

        Befiler (Pvt.) Ltd is pleased to announce its inclusion to the panel of ACCA’s Approved Employer Network under the Trainee Development – Gold Category. The Association of Chartered Certified Accountants (ACCA) is one of the world's leading professional accountancy body, and Befiler’s inclusion to the panel reflects its commitment to providing the right combination of technical, professional, and ethical skills to the students, affiliates, and members of ACCA. The ACCA Approved Employer Program recognizes and rewards employers’ quality staff training and development, and ensures the highest professional standards for both the employers and the students/employees. Befiler is proud to have a substantial representation of ACCA students, affiliates, and members working with it under various departments including leadership positions. Befiler hosted a ceremony at its Head Office in Karachi to commemorate the milestone, which was attended by the leadership of Befile...
Post a Comment
Read more