01 Apr 2021

Accountant-driven sustainability reporting standards – a mixed blessing or a step backward?

A great deal of discussion is currently underway about the initiative by the International Financial Reporting Standards Foundation (IFRSF) to develop its own sustainability reporting standards. Conflicting voices are heard: some feel that with the accountancy profession on board, it ensures all business activity reports vital non-financial information on environmental, social and governance issues. Others, however, pinpoint potential issues which will not work in favour of better sustainability reporting, and more importantly, the purpose of sustainability reporting which is always to drive up environmental and social standards.

This edition examines some of the pitfalls in financial reporting standards and analyses why we need broader participation when it comes to the oversight of the complex environmental and social issues surrounding the design and application of sustainability standards.