IPSASB moves to develop first climate-based disclosure standard

Also, the Global Reporting Initiative seeks feedback on revisions to labour standards.

The International Public Sector Accounting Standards Board (IPSASB), with support from the World Bank, is developing the first climate-related disclosure standard for the public sector, according to a news release.

This standard will be the IPSASB’s inaugural Sustainability Reporting Standard (SRS).

“By increasing transparency, it will enable governments and other public sector entities to make more informed decisions about their contributions towards addressing the climate emergency, hold them accountable for their interventions, and foster trust in their efforts,” the release said.

An initial draft standard is scheduled to be released for feedback in the fourth quarter of this year.

IFAC report looks to Islamic finance principles to advance SDGs

In a new report, the International Federation of Accountants (IFAC) is exploring the opportunities presented by Islamic finance and practical examples from the Malaysian Institute of Accountants (MIA) to unlock the full potential of sustainable development goals (SDGs) across communities.

The report, Unleashing the Potential of Islamic Finance: Global Perspectives on Achieving the SDGs With Islamic Finance Tools & Concepts, examines the potential of advancing Islamic finance to serve “underbanked” Muslim communities as well as other financially underserved communities.

“Malaysia has become a pioneer of Islamic finance, attributed in part to its strong governance, supportive regulatory ecosystem, and the pivotal role of a local professional accountancy organisation, [the] MIA, in education and stakeholder outreach,” a news release said.

Though every jurisdiction’s use of Islamic finance would work differently, the release said, Malaysia and the MIA can serve as examples from which to learn.

GRI opens consultation to review labour-related standards

After a decision to revise its labour-related standards, the Global Reporting Initiative (GRI) opened a consultation to inform its review of employment practices and working conditions, according to a news release.

“A suite of proposed changes address policies on employment relationships, pay and working hours, and how businesses handle significant changes for workers,” the release said. In total, 11 GRI Standards will be updated.

The GRI seeks feedback on redrafted versions of three standards: GRI 402, Labor/Management Relations; GRI 401, Employment; and GRI 202, Market Presence.

According to the release, the draft disclosures relate to:

  • Employment: Nonstandard forms of employment, apprentices and internships, fair recruitment, performance management, personal data protection and privacy, employment termination, and hiring and turnover metrics.
  • Remuneration and working time: Policies and metrics of cost-of-living estimates, basic gender pay gap, and social protection coverage.
  • Significant changes for workers: Consultation and notice periods to workers’ representatives, redeployment, upskilling, reskilling, and termination of employment.

The comment period is open until 4 October. Comments can be submitted through this online form. Other queries about the consultation can be sent to labor@globalreporting.org.

— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.

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