Businesses should focus on sustainability reporting, says ACCA
A recent guide published by the accountancy body sets out key steps to help organisations start to prepare for sustainability reporting with examples which can be adapted to organisations of various sizes
ACCA has published a new guide entitled “Sustainability reporting – the guide to preparation” to reiterate the importance of sustainability reporting ahead of COP28 starting on 30 November in the UAE, in which ACCA is participating.
Aimed at professional accountants, senior management and talent developers, the guide sets out key steps to help organisations start to prepare for sustainability reporting. It includes an eight-stage reporting cycle and suggestions with examples which can be adapted to organisations of various sizes.
The guide focuses on preparing for sustainability reporting in accordance with the inaugural ISSB (International Sustainability Standards Board) Standards, however it is equally relevant to organisations applying other sustainability reporting standards.
Report co-author Sharon Machado, head of sustainable business at ACCA said: “Achieving quality in sustainability reporting needn’t be a race; what’s important is having the courage to get started, the ability to apply judgement in the context of your organisation, getting others on board, and findings ways to improve.”
Those that interconnect sustainability and financial information are more equipped to make decisions that will lead to long-term success, ACCA argues.
This first-in-a-series guide is complemented by a series of videos, produced in partnership with the ISSB. Intended to help understand and apply the standards, they focus on the first two standards: IFRS S1 and IFRS S2, which were published in June this year.
Report co-author Hsiao Mei Chow, head of corporate reporting insights – sustainability at ACCA, said: “There’s no one-size-fits-all solution. We encourage all involved to take time to work through the suggested processes, then design processes appropriate to their organisation and implement them.”
ACCA director of policy and insights, Mike Suffield, said: “Sustainability reporting requirements extend to explaining the approach and progress made on sustainability-led strategies – for many professional accountants this is a big change. On the other hand, this more holistic reporting requirement supports achieving benefits over the short-, medium-, and longer-term.”
