ESMA Chair Steven Maijoor’s speech underlined the importance of IFRS going forward and described the expected impact of structured (ESEF) data in Inline XBRL for users and regulators alike. He also urged policy makers to focus on standardisation of ESG disclosures.
As we heard at Data Amplified 2019, the Sustainability Accounting Standards Board (SASB) believe that structured data and standards are crucial to effective sustainability disclosure. To make digital sustainability reporting as simple as possible for issuers, and to make data aggregation and analytics as convenient and effective as possible for investors, SASB are working to develop […]
The Task Force on Climate-related Financial Disclosures (TCFD) has formed a new advisory group to help them assist companies with one of the more challenging elements of climate-related disclosure: scenario analysis. Previous TCFD status reports have noted how companies have found scenario analysis challenging. Companies often struggled to construct appropriate scenarios, to understand how their […]
How should Environmental Social and Governance (ESG) data be reported in order to best cater to the needs of investors? Earlier this week Securities and Exchange Commission (SEC) Chairman Jay Clayton explored this topic in remarks to the Investor Advisory Committee. The Investor Advisory Committee advises the SEC on various regulatory priorities, including the effectiveness […]
A new UK Financial Reporting Council (FRC) report indicates that companies are falling short of investor expectations for quality, granular climate-related reporting. As we heard from SASB at Data Amplified, demand for climate-related reporting is growing. However, for reporting to be useful for investors, it needs to be clear and comparable. The FRC report provides practical guidance to […]
Madhu Matthew from the Sustainability Accounting Standards Board (SASB) gave Data Amplified an introduction to the importance of structured data to the work SASB are doing to connect businesses and investors on the financial impact of sustainability. Much sustainability information today is reported from a marketing perspective, in a glossy CSR report with rampant greenwashing. […]
Annual reports, once a sheaf of printed paper delivered by snail mail, have evolved considerably with the expansion of digital technology. However, too often, they remain in debt to their paper-based past, reluctant to take advantage of the opportunities digitisation has presented. This week Communicate Magazine and the Evolution of the Annual Report conference have […]
Key co-ordinating body, the Corporate Reporting Dialogue, has reported that alignment between different ESG frameworks with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations is better than expected. In order to offer more clarity on the relationships between different ESG reporting frameworks, the Better Alignment Project has brought a varied group of standard setters together to […]
An ongoing suggestion amongst policy makers, the accounting profession and ESG advocates is that the International Accounting Standards Board should take over standards setting in the field of environmental reporting and climate disclosure in particular. The Chair of the IASB used a speech last week to re-affirm that the IFRS standards setters will do no […]
The Global Reporting Initiative (GRI) has now published an open letter arguing that Environmental, Social and Governance (ESG) information is now crucial for investors, in response to the speech (above) by IASB Board Chair. In that speech Hans Hoogervorst, pointed out that “greenwashing is rampant” in sustainability reporting. The GRI suggest that this argument misrepresents […]
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