![]() ![]() However, the IFRS Foundation’s response is broader, starting a path towards global convergence, which promises greater consistency, relevance and transparency for sustainability reporting. ‘a generally accepted set of international accounting standards for material ESG and longer-term value considerations.’ In addition to proposing metrics, this report calls for a systemic solution – i.e. a task force, led by the International Business Council of the World Economic Forum, has already published a paper with a proposed set of ESG metrics and reporting disclosures. Other market-led initiatives are already seeking to bring more structure – e.g. This need is widely acknowledged and in a recent j oint statement, five global organisations involved in setting reporting standards called for further cooperation and expressed a willingness to work with the IFRS Foundation and others to establish a comprehensive reporting system. However, this has also led to a patchwork of reporting requirements that needs rationalising. Momentum for sustainability reporting has been growing in many jurisdictions and many frameworks, standards and benchmarks have been developed to address this emerging demand. And it is not just this information that investors want they are also calling for metrics and disclosures on the effects of sustainability issues (or environmental, social and governance (ESG) issues) on a company’s present and future results.Īs companies become more aware of the need to address ESG issues, and stakeholder demand for it, there now seems to be a need for accountability and a global set of internationally recognised standards to match. ![]() The current COVID-19 pandemic has highlighted the need for companies to be transparent when reporting on the uncertainties they face. ![]()
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