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(the Company ) Legal Entity Identifier : 549300OHW8R1C2WBYK02 Results The year to 30th September 2020 was a volatile one for global equity markets and a negative one for investors in India, as indicated by our benchmark index, the MSCI India Index (in sterling terms), which returned -4.2%. Unfortunately, the Company performed poorly, both in absolute and relative terms, with a total return on net assets of -16.2% over the year. The share price fell sharply, from 744.0p to 571.5p, and the discount widened out from 9.3% at the beginning of the year to 16.8% at the year end, resulting in a total return to shareholders of -23.2%.
The manager of Norway’s giant sovereign wealth fund has given its backing to the IFRS’ idea of creating a Sustainability Standards Board (SSB) alongside the International Accounting Standards Board (IASB) it oversees – but only for financially-material information.
Broader sustainability reporting could better be handled by other institutions, Norges Bank Investment Management (NBIM) said in a response to the IFRS Foundation’s consultation on a global approach to sustainability reporting and the organisation’s possible role in those developments.
NBIM wrote: “Over time, we believe that a coherent set of reporting standards responding to the needs of both investors and other stakeholders is required.
General presentation and disclosures: ICAEW s point of view 22 December 2020: ICAEW has responded to the IASB’s Exposure Draft on General Presentation and Disclosures (Primary Financial Statements). What is our point of view?
The International Accounting Standards Board (IASB) has proposed improvements to the way information is communicated in the financial statements, with a focus on financial performance.
The proposals are a response to investor demand and, if adopted, would require more comparable information and more transparency. Michael Stewart, Senior Expert of Financial Reporting at Huawei, chaired ICAEW’s Financial Reporting Faculty Committee’s working party on this area and contributed to the resultant response.
Oluchi Chibuzor
Sustainability Champions in Nigeria have stressed the need for the adherence to global set of internationally recognised reporting standards that encompasses issues that are region specific in view of various social and climatic concerns affecting businesses.
Speaking at the Financial Reporting Council’s (FRC) virtual engagement on sustainability held at the weekend, the Acting Executive Secretary/Chief Executive FRC, Dr. Iheanyi Anyahara, said council has developed more appetite to sustainability, which was why it has continued to engage stakeholders.
He said: “Investors everywhere are demanding more than just financial statements, because people want to know more than financial information to enable them to make informed decisions. A lot of businesses are dealing with the environment, even when people make profit they want to know what the businesses are doing rather than what profit they have made.