CA ANZ provided a response on 30 April 2020 to the Accountancy Europe thought leadership paper on Interconnected Standard Setting for Corporate Reporting.
Key high-level points from our response include:
- We are an advocate for the widespread adoption of a multi-capital approach to reporting which appropriately discloses and communicates how value is being created and protected on behalf of investors, by an organisation.
- We agree that the proliferation of non-financial information reporting initiatives can potentially result in confusion, inefficiencies, compliance fatigue and even greenwashing by organisations. As such, we support a move towards a connected global corporate reporting structure.
- We also broadly agree with the recommendations proposed by the International Federation of Accountants (IFAC), which were provided in response to this paper. We recommend that these are given due consideration.
- We support the standardisation of the language used with respect to both financial and non-financial information.
- We agree that the conceptual framework developed should be founded in existing concepts and principals of other frameworks and the International Integrated Reporting Framework could provide a useful and suitable starting point.