The independent sustainability standards organisations call for increased cohesion between sustainability and financial reporting.
Financial reporting by companies needs to better support and complement sustainability reporting to help investors understand existing and future climate risks, independent sustainability standards organisations Global Reporting Initiative (GRI) and Climate Disclosure Standards Board (CDSB) have said.
The GRI and CDSB outlined their recommendations separately in response to a consultation paper released by the International Financial Reporting Standards (IFRS) body in September, ahead of its December 31 deadline.
“We believe that enhanced financial reporting must exist alongside sustainability reporting. We invite the IFRS Trustees to ensure that the interconnectivity between financial reporting and sustainability reporting is strengthened, allowing financial reporting to fully recognise the financial consequences of the risks and opportunities arising from the economic, environmental and social impacts of corporate activities,” the GRI said.
Both organisations reiterated their support of the IFRS proposals, such as … [continues]
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