24 September - ICAS Insights: Towards sustainability reporting standards
Event summary
Following the IFRS Foundation’s decision to develop sustainability reporting standards and establish a new International Sustainability Standards Board (ISSB) alongside the IASB, there seems to be increasing demand for, and momentum behind, non-financial reporting being given an equal footing to financial reporting. Our discussion explored what has been learned from the development of financial reporting standards that could be helpful in the development of sustainability reporting standards.
Our speakers looked back at the position before globally accepted financial reporting standards were developed and why they were considered necessary. The panel reflected on how successful financial reporting standards have been in driving greater transparency, consistency and trust in financial information and shared their views on how reporting might continue to evolve.
Sir David Tweedie provided insight into the financial reporting perspective and Professor Mervin King, former Chair of the International Integrated Reporting Council (IIRC) and former Chair of The King Committee on Corporate Governance in South Africa, brought a non-financial perspective.
The session was chaired by Professor Carol Adams, an academic based at Durham University Business School, who has a wealth of knowledge in the sustainability and corporate reporting space.
Key themes and topics
- Financial and non-financial reporting
- Sustainability reporting standards
- Transparency, consistency and trust in financial and non-financial information
Who are the speakers?
- Professor Carol Adams
Professor Carol Adams MSc PhD CA FAICD is an internationally recognised researcher in corporate accounting and reporting and its role in the relationships between business, society and the environment. She is founding editor and Editor-in-Chief of the Sustainability Accounting, Management and Policy Journal.
- Mervyn King
Mervyn King is a Senior Counsel and former Judge of the Supreme Court of South Africa. He is Professor Extraordinaire at the University of South Africa on Corporate Citizenship, Honorary Professor at the Universities of Pretoria and Cape Town and a Visiting Professor at Rhodes. King is former Chairman of the International Integrated Reporting Council (IIRC) and Chairman Emeritus of the Global Reporting Initiative (GRI). He is also the author of six books on governance, sustainability and reporting, the latest being “The Healthy Company.”
- Sir David Tweedie
Sir David Tweedie was educated at Edinburgh University (BCom 1966, PhD 1969) and qualified as a Scottish Chartered Accountant in 1972. He was knighted in 1994, awarded the International Federation of Accountants inaugural Gold Service Award in 2011 and was inducted into the Accounting Hall of Fame in 2013. He was President of the Institute of Chartered Accountants of Scotland in 2012-13, and was Chairman of the International Valuation Standards Council from 2012 to 2019. He chaired the Royal Household Audit Committee for the Sovereign Grant, for which he was appointed CVO, and was also Chairman of the Board of Trustees of the Scottish Charities, Leuchie House and the ICAS Foundation. He has published four books and over 60 articles, lectures and contributions to books on financial reporting.
(Please note that views and opinions expressed by speakers at ICAS webinars are their own and not necessarily reflective of ICAS’ views.)
Who’s this for?
- All CAs
- Particularly relevant for Members interested in sustainability and sustainability reporting
Counts as CPD activity
Depending upon your individual role and training and development needs, watching this webinar can count towards your annual Continuing Professional Development (CPD) requirement.
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