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.
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.”
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