The Association of Chartered Certified Accountants (ACCA) has welcomed the launch of the new Value Reporting Foundation.
The International Integrated Reporting Council (IIRC) and Sustainability Accounting Standards Board (SASB) have merged to create the foundation, as part of efforts to promote and oversee global corporate reporting standards.
Helen Brand, ACCA’s chief executive and co-vice chair of the Value Reporting Foundation board, said: “Business and investors need a clear, consistent and comprehensive view of what enterprise value means in the modern world. An integrated approach is necessary for corporate reporting, and this is what the Value Reporting Foundation will help organisations deliver.
“This is essential as investors and other stakeholders demand more decision-critical information, such as the need for environmental and social related disclosures and measurements, and how they drive corporate strategies.”
She added: “The Value Reporting Foundation will work to offer technical and practical guidance that will not only bring about better decision making within organisations, but help preparers write meaningful integrated reports that meet stakeholders’ needs.
“Connectivity is one of the tenets of good corporate reporting, and an integrated approach means a holistic view is offered to the user. It is this that will drive integrated thinking and better support assurance.”