[6] [7] (WIKIPEDIA) What does all this mean for sustainability accounting? Great article on using the UN SDGs as a means of creating a universal impact investment framework that is shaping the global capital markets approach to deal with major issues – such as climate change, poverty, war, hunger, justice, health facing humanity as we move toward a planet with more than 10 billion people by 2050
The same XBRL data standard has been mandated by the US SEC for financial statement data disclosed by public companies including detailed information tagged in the footnotes. The Sustainability Accounting Standards Board (SASB), is an independent 501(c)(3) nonprofit organization that issues sustainability accounting standards for the disclosure of material sustainability information in SEC filings
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In June 2013, the Sustainability Accounting Standards Board and CDP announced an agreement to deepen their partnership towards advancing corporate disclosure on material sustainability issues by government & public and private companies to deal with global climate change. The Sustainability Accounting Standards Board has signed a memorandum of understanding with the Institute of Management Accountants to advance the management and disclosure of non-financial information in corporate reports
The IMA and the Sustainability Accounting Standards Board (SASB) have recently partnered on this topic and more than 50 of the largest US companies are beginning to use the SASB reporting framework for non-financial reporting
In addition, the Financial Stability Board (FSB ) which reports to the G-20 nations is also seeking comment on this same topic. The Sustainability Accounting Standards Board (SASB) based in San Francisco, CA has released a framework for 79 industry sectors in the United States that public companies can use to voluntarily report KPIs that related to several if not all of the indices required for non-financial reporting
https://sfmagazine.com/post-entry/may-2018-building-confidence-in-nonfinancial-reporting/ https://sfmagazine.com/post-entry/october-2017-sustainability-reporting-increases/ The IMA has partnered with Sustainability Accounting Standards Board as the global ESG standards organization works closely with the US SEC in moving forward with the standardizing of these new disclosure requirements to keep US companies competitive
Recently the IMA announced a Memorandum of Understanding with the Sustainability Accounting Standards Board ( SASB) forming a partnership focuses on accelerating the uptake of accounting standards to improve non-financial disclosure and advance the management and disclosure of non-financial information in corporate reports
Using the SASB Standard by Public Companies for More Effective Non-Financial Disclosure / Sustainability Reporting Using a consistent sustainability reporting standard/framework like the Sustainability Accounting Standards Board (SASB) is needed by public companies to help guide them in the right direction
“Confidence in the accuracy, timeliness and relevance of performance data is critical to effectively optimizing corporate activities and communicating reliably to the capital markets,” says co-author Robert Herz, who currently serves as a Sustainability Accounting Standards Board (SASB) Foundation board member