Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
The Institute of Chartered Accountants of Scotland (ICAS) has welcomed the launch of the Department for Business and Trade’s package of three sustainability-related consultations.
The department has unveiled consultations on sustainability reporting standards, assurance of sustainability reporting and climate-related transition plan requirements,
As a result, ICAS has urged stakeholders to actively contribute to shaping the future of the UK’s sustainability reporting regime.
The body stated that it will be surveying its members to seek their views to form its formal response to the consultation.
Fiona Donnelly CA, director of sustainability at ICAS, said: “The launch of this highly anticipated consultation on the UK Sustainability Reporting Standards (UK SRS) marks a profound and positive milestone in the development of the UK’s sustainability disclosure regime.
“As expected, the UK SRS are based on the IFRS Sustainability Disclosure Standards (IFRS S1 and S2) issued by the International Sustainability Standards Board (ISSB), which the UK Sustainability Disclosure Technical Advisory Committee recommended be endorsed for use in the UK.”
She added: “ While we view the proposed UK SRS as an endorsement of the global baseline for sustainability-related financial disclosures and a move in the right direction, ICAS will continue to call for the UK SRS to go further.
“More comprehensive and holistic reporting would be achieved by expanding these standards to systematically include reporting on the impact of organisations on the environment and society. This double materiality approach, long championed by ICAS, would better serve the needs of multiple stakeholders and support the long-term public interest.”
