A new publication from the Global Reporting Initiative (GRI) addresses how companies can integrate the European Sustainability Reporting Standards (ESRS) and the widely used GRI standards to meet the requirements of the EU Corporate Sustainability Reporting Directive (CSRD).
A high degree of interoperability has been achieved between the standards, a news release said. The publication includes:
- How GRI collaboration with the European Financial Reporting Advisory Group (EFRAG) will lead to 42,500 companies publishing impact reporting through the ESRS that is aligned with the GRI standards.
- Multiple resources — including an interoperability index and full mapping table, training courses, and report services — to help GRI reporters meet CSRD rules.
- A renewed memorandum of understanding between the GRI and EFRAG, which is delivering a next phase of deeper cooperation on standard-setting, plus a commitment to further capacity building.
- The GRI’s global relevance, enhanced by joint working with the International Sustainability Standards Board, to complement jurisdictional reporting requirements.
- How the GRI standards, ESRS, and the IFRS Sustainability Disclosure Standards fit together, including the different approaches to materiality.
“The GRI standards are the most used sustainability reporting standards by European companies,” the release said. “The ESRS mandates reporting on all material impacts, risks, and opportunities; where they lack coverage (such as in tax or sector-specific standards), companies can use GRI reporting to fill the gap to ensure full compliance.”
A new e-learning course from AICPA & CIMA, together as the Association of International Certified Professional Accountants, and PwC provides ESG upskilling resources to help finance and accounting professionals meet the requirements of EU standards. The course is available globally.
IFRS 9 is meeting objectives, IASB says
The IASB concluded its assessment of the impairment requirements in IFRS 9, Financial Instruments — Impairment, a news release said, with targeted improvements expected to provide further clarity to areas related to expected credit losses.
Overall, the board’s post-implementation review, informed by feedback from multiple stakeholders, concluded that the impairment requirements in IFRS 9 are working as intended and the standard provides useful information to users of financial instruments, the release said.
In response to feedback on expected credit losses, the release said, the IASB will explore whether requirements for modification, derecognition, and write-off of financial instruments, and the consequential effects on recognition of those losses, can be clarified as part of its project on Amortised Cost Measurement.
According to the release, the IASB will also investigate targeted improvements to the credit risk disclosure requirements in IFRS 7, Financial Instruments: Disclosures.
FRC creates new reporting functions to improve stakeholder outcomes
Following a strategic review of its processes, the UK Financial Reporting Council (FRC) formed two newly structured teams from its existing resources to enable delivery of better stakeholder outcomes across the FRC’s remit and regulatory scope, a news release said.
The teams will facilitate two new functions: market intelligence and digital reporting and taxonomies.
According to the release, the FRC is focused on building knowledge and capability, providing more comprehensive, evidence-based analysis and insights, improving the quality of digital reporting, and developing tools to support the reporting ecosystem.
IOSCO’s World Investor Week themes include sustainable finance
The International Organization of Securities Commissions (IOSCO) announced the three principal themes that will be explored at the eighth edition of World Investor Week (WIW), a global campaign to raise awareness of the importance of investor education and protection, a news release said.
Launching on 7 October, the weeklong event will “drive awareness around trending issues which impact investors around the world”, the release said, with organisations representing over 100 jurisdictions.
The three principal themes for this year are technology and digital finance, cryptoassets, and sustainable finance.
“WIW has two primary objectives … to disseminate key messages that support investor education, investor protection, and financial literacy; and to foster learning opportunities for investors,” the release said.
Organisations interested in participating can fill in this online form.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.