The European Commission’s review of the Non-Financial Reporting Directive (NFRD), scheduled for publication shortly, comes at a time of increased scrutiny of both corporates and those who supply them with debt and equity.
NFRD has mandated a non-financial statement for companies with over 5,000 employees since 2017. It introduced the concept of ‘double materiality’ – the effect of sustainability issues on the company as well as of the company on wider society.
The EU is now set to expand the scope of non-financial reporting as a means to encourage sustainable behaviour by companies as part of the European Green Deal and the EU’s 2050 carbon-neutrality target. The aim is to shift capital and resources towards activities outlined in the Taxonomy for Sustainable Activities in support of these objectives, and presumably over time to raise the cost of capital to non-sustainable companies and activities.
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The SEC’s Time To Act
A New Strategy for Advancing U.S. Corporate and Financial Sector Climate Disclosures
February 19, 2021, 5:00 am Getty/CQ-Roll Call Inc./Bill Clark
A flag flies outside of the U.S. Securities and Exchange Commission building in Washington, D.C., July 2020.
Julia Cusick
Introduction and summary
Climate change poses major risks to U.S. companies, the domestic economy, and the planet. Those risks include the loss of jobs. The 2008 financial crisis resulted in the loss of more than 8 million jobs,
1 and the cumulative job losses from future climate-driven financial impacts could be even larger.
2 With many climate risks such as hurricanes and wildfires already materializing, investors, regulators, and the public need better information to evaluate the risks to companies and the financial system and take appropriate action in response.
ACCA Year in Review: demanding conditions in a year like no other
Verdict Staff January 26, 2021 (Last Updated January 26th, 2021 10:47)
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2020 has highlighted the invaluable role professional accountants play in steering organisations through intensely demanding conditions. ACCA chief executive Helen Brand takes a look back at the year gone by
Every ACCA member in every type and size of organisation has needed to step up to the unprecedented challenges created by the global pandemic. And this has made all of us at ACCA incredibly proud, as we have worked to support our members and future members every step of the way.
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