IFAC puts down online marker

The International Federation of Accountants (IFAC) has launched a web-based tool to provide a framework for finance functions to navigate sustainability legislation and reporting.

Focused on helping businesses see how managing these issues can help deliver long-term stakeholder value, the web tool allows users to assess which sustainability framework is best suited to their company and provides examples of best practice for guidance.

For example, a company that must comply with the Carbon Reduction Commitment, starting later this year, will have to implement a range of efficiency measures. Using the tool, a company can view and compare what other organisations have done to implement changes and how they have incorporated those across their business, as well as how they have reported them.

In perspective
There are four overall ‘perspectives’ outlined in the framework to help a company considering implementing an environmental policy: business strategy, internal management, financial investors and other stakeholders.

Head of corporate reporting at PricewaterhouseCoopers, David Phillips, says, “This is a good start for the finance function and management accountants. Many of the essences that are in the IFAC sustainability framework have been around for some time, but this is actually putting down a marker. There are a lot of well intentioned initiatives, but we need more practical tools.”