Groundbreaking project launched to align corporate reporting standards

8th November 2018

Web sustainable bussiness istock 669512140

Related Topics

Related tags

  • Business & Industry ,
  • Reporting ,
  • Sustainability


Stewart Croft

A group of international standard-setters have announced a new two-year project to better align corporate reporting and improve sustainable business practices.

Launched at the Bloomberg Sustainable Business Summit in London yesterday, the project will see participants work together to deliver its ultimate aim of integrating financial and non-financial reporting.

They will map their respective sustainability standards and frameworks to identify commonalities and differences, and jointly refine and improve them while taking into account different focuses, audiences and governance procedures.

The Global Reporting Initiative, the International Accounting Standards Board, the International Organization for Standardization, the Sustainability Accounting Standards Board, the Climate Disclosure Standards Board, the Financial Accounting Standards Board and CDP are all signed up.

Bloomberg’s global head of sustainable business and finance, Curtis Ravenel, said: “As efforts to improve disclosure have emerged, so has a range of varying guidance, frameworks and standards in the field.

“We are committed to helping organisations communicate clearly, succinctly and effectively with the market – this project will lead to better alignment in the corporate reporting landscape.”

The initiative is just the latest phase of the Corporate Reporting Dialogue, which was launched four years ago as the principal working mechanism to achieve dialogue and alignment between global standards.

Participants have regular meetings to align their views and promote further co-operation, and have already adopted a statement of common principles of materiality.

They have also developed a common map of the reporting landscape and agreed a joint position supporting recommendations of the Task Force on Climate-related Financial Disclosures.

It is hoped that the latest project will bring about visible improvement in the coherence, consistency and comparability of corporate reporting.

Ian Mackintosh, chair of the Corporate Reporting Dialogue, said the current system is not working as harmoniously as possible, resulting in “disjointed definitions with unclear aims”.

“There is a renewed urgency to drive better alignment that can combat reporting fatigue, reduce burden and enable more effective corporate reporting,” he added.

Image credit: iStock


Subscribe to IEMA's newsletters to receive timely articles, expert opinions, event announcements, and much more, directly in your inbox.

Transform articles

How much is too much?

While there is no silver bullet for tackling climate change and social injustice, there is one controversial solution: the abolition of the super-rich. Chris Seekings explains more

4th April 2024

Read more

One of the world’s most influential management thinkers, Andrew Winston sees many reasons for hope as pessimism looms large in sustainability. Huw Morris reports

4th April 2024

Read more

Alex Veitch from the British Chambers of Commerce and IEMA’s Ben Goodwin discuss with Chris Seekings how to unlock the potential of UK businesses

4th April 2024

Read more

Regulatory gaps between the EU and UK are beginning to appear, warns Neil Howe in this edition’s environmental legislation round-up

4th April 2024

Read more

Five of the latest books on the environment and sustainability

3rd April 2024

Read more

Ben Goodwin reflects on policy, practice and advocacy over the past year

2nd April 2024

Read more

In 2020, IEMA and the Institute and Faculty of Actuaries (IFoA) jointly wrote and published A User Guide to Climate-Related Financial Disclosures. This has now been updated to include three key developments in the field.

2nd April 2024

Read more

Hello and welcome to another edition of Transform. I hope that you’ve had a good and productive few months so far.

28th March 2024

Read more

Media enquires

Looking for an expert to speak at an event or comment on an item in the news?

Find an expert

IEMA Cookie Notice

Clicking the ‘Accept all’ button means you are accepting analytics and third-party cookies. Our website uses necessary cookies which are required in order to make our website work. In addition to these, we use analytics and third-party cookies to optimise site functionality and give you the best possible experience. To control which cookies are set, click ‘Settings’. To learn more about cookies, how we use them on our website and how to change your cookie settings please view our cookie policy.

Manage cookie settings

Our use of cookies

You can learn more detailed information in our cookie policy.

Some cookies are essential, but non-essential cookies help us to improve the experience on our site by providing insights into how the site is being used. To maintain privacy management, this relies on cookie identifiers. Resetting or deleting your browser cookies will reset these preferences.

Essential cookies

These are cookies that are required for the operation of our website. They include, for example, cookies that enable you to log into secure areas of our website.

Analytics cookies

These cookies allow us to recognise and count the number of visitors to our website and to see how visitors move around our website when they are using it. This helps us to improve the way our website works.

Advertising cookies

These cookies allow us to tailor advertising to you based on your interests. If you do not accept these cookies, you will still see adverts, but these will be more generic.

Save and close