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IFAC continues to speak out on behalf of the global accounting profession on the topic of non-financial reporting, most recently in response to the European Commission’s review of the Non-Financial Reporting Directive (NFRD). This review marks another valuable step in the dialogue and evolution toward relevant, reliable, and comparable reporting of non-financial information. A summary of IFAC’s response is available on its website. IFAC 's response reiterated points it made in early June in its summary of its feedback on the World Economic Forum (WEF) consultation “Toward Common Metrics and Consistent Reporting of Sustainable Value Creation.”
Read EFAA position statement on Non-Financial Reporting by SMEs here and their response to the NFRD public consultation here. EFAA urges NFR by SMEs to remain voluntary and welcomes the development of a simplified standard for NFR by SMEs.
In this article Carol A Adams makes the following main points:
ACCA has identified integrated reporting as a key method to help firms tackle future risks they face such as those posed by the Covid-19 pandemic in its latest report Insights into Integrated Reporting 4.0. The report covers 48 companies – each are members of the International Integrated Reporting Council (IIRC) Business Network. As economies and companies around the world prepare for imminent recession owing to the pandemic, the report recommends a focus on sustainability, resource efficiency and integrated thinking to help tackle risks companies face and improve the quality of their reporting. Richard Martin, the report’s author, added that there are still key areas for improvement when benchmarking against the three previous Insights into Integrated Reporting. ‘This indicates that though companies’ stated following of the principles is increasing, the quality of that compliance is not. The descriptions around statements of responsibility for the reports could also be improved.’For more information on integrated reporting, and the report, visit https://www.accaglobal.com/gb/en/professional-insights/global-profession/Integrated-reporting-4.html
This article by IFAC Board member Elbano de Nuccio is here: http://www.ifac.org/knowledge-gateway/preparing-future-ready-professionals/discussion/non-financial-disclosure-integrated-reporting
IFAC hosts a collection of resources on its Global Knowledge Gateway here - https://www.ifac.org/knowledge-gateway/integrated-reporting-pao-network
WEF recently released this report outlining recommended metrics for a common ESG reporting framework. https://www.weforum.org/whitepapers/toward-common-metrics-and-consistent-reporting-of-sustainable-value-creation
The slides and recording from the webinar 'SMEs and Integrated Reporting’ held on 17 September 2019 can be accessed here: https://register.gotowebinar.com/recording/5985903331413646086
IFAC welcomes sharing this recording with colleagues in your organization who may find it of interest.
The webinar was focused on integrated reporting for small and medium sized entities (SMEs), exploring the benefits for SMEs, guidance on implementation, and case study examples, with excellent presentations from:
The implementation guidance was illustrated by 2 case studies:
(1) Stafer presented by Andrea Ragazzini, Chief Value Officer
(2) Dellas presented by Marco Pasquotti, Group CFO, Dellas and Chairman, Italian CFOs Association (ANDAF) North-Eastern Section.
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