The International Financial Reporting Standards (IFRS) Foundation consultation on sustainability standards drew to a close recently, with almost 500 responses filed. Among them was XBRL International’s response on behalf of the wider XBRL community.
Following the recent announcement that the Sustainability Accounting Standards Board (SASB) is converting its 77 standards into an XBRL taxonomy, XBRL US and SASB held a webinar this week to dive into the practicalities of digital sustainability reporting.
This week the European Securities and Markets Authority (ESMA) published a supportive response to the IFRS Foundation’s consultation on establishing a new Sustainability Standards Board (SSB).
The XBRL Standards Board has approved an initial Public Working Draft of the Report Packages specification, along with an update to the requirements document.
The past year has seen growing consensus on the need for non-financial reporting standards in order to mitigate climate-related financial risks and help investors divert capital towards more sustainable ends. However, sustainability reporting is a complicated task, and a number of difficult questions need to be answered before effective standards can be established.
In other sustainability standards news, the US Securities and Exchange Commission’s (SEC’s) Asset Management Advisory Committee recently published its recommendations on Environmental, Social and Governance (ESG) disclosure.
Regular readers of this newsletter may remember that recently the European Commission (EC) tasked EFRAG with exploring possible EU non-financial reporting standards that could form part of a revised Non-Financial Reporting Directive (NFRD).
Sustainability Accounting Standards Board (SASB) CEO, Janine Guillot, believes that the IFRS Foundation’s Consultation Paper on Sustainability Reporting is the most significant development in accounting standard-setting since the creation the IASB in 2001. And, with the stakes this high, she argues that it’s crucial to get it right.
Following similar moves from the IASB, the Financial Accounting Standards Board has issued an update designed to help alleviate the burden on companies affected by Covid-19.
Banks’ ability to carry out climate change related stress tests could be vastly improved by standardisation of corporate ESG risk disclosures, according to a new report published by Fitch Ratings.
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
