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Abstract

Psychology and Psychotherapy: Research Study

Things to Consider When Implementing Building Blocks Approach for Global Sustainability Reporting Standards

Submission: September 17, 2021;Published: November 29, 2021

Abstract

The Trustees of the IFRS Foundation has released three documents since September 2020 delving into the convergence in global sustainability reporting standards. SASB, GRI, TCFD, CDSB and CDP have agreed upon the collaboration to form the ‘building blocks’ approach for global non-financial reporting [1-3]. IFAC and IOSCO have also announced their support for this approach. As for the scope, the trustees announced a ‘climate-first’ approach that prioritizes Environmental issues among non-financial factors which compose of corporate sustainability. Inter alia, climate change and Greenhouse Gas (GHG) emissions will be the first focus. After that, it takes into consideration of wider environmental factors associated with financial risks. Then, the trustees plan to broaden its work overtime to focus on other criteria composing of non-financial reporting fields such as Social (S) and Corporate governance (G). Hear. We also see the ‘building blocks’ approach is great. Since many guidelines and measurement methodologies already exist when it comes to the Environment (E), they can provide substantial benchmark as a first step towards non-financial disclosures. However, there are things to note when adopting current principles by the trustees. We render three points to keep in mind before building the first block as per current approach. First, certain different properties exist on several points among E versus S, G in terms of their measurement methods, monetization potential, and the way how it is disclosed.

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