Some good news! The alphabet soup of ESG reports – GRI, TCFD, and SASB – are falling away. The International Financial Reporting Standards (IFRS) Foundation has just announced it is absorbing TCFD.
The IFRS announced earlier this month that it will take over responsibility for monitoring progress of companies’ climate-related disclosures. This is one step closer to developing a consistent disclosure standard for companies and allowing a complete view of enterprise value creation, which brings ESG information up to the same level of detail as financial information. This will allow investors and other stakeholders to more accurately assess a company’s climate-related financial risk.
In a statement from the IFRS Chair Emmanuel Faber said:
“Our objective is to bring information that is useful to the primary users of general purpose financial reporting when they are considering providing resources to entities. We know that better information leads to better economic decisions.”
Talk to GLYNT about our sustainability data: Fast, accurate, compliant, audit-ready and prepared with the same rigor as financial data. We’re ready for the IFRS standards too!
