ACCA Shares Opinions by Stakeholders Worldwide on Sustainability
Experts on sustainability reporting have shared their opinions in the new ACCA (the Association of Chartered Certified Accountants) report in order to help in development and take-up of paragraph 47. Government having the intentions to proceed with paragraph 47 implementation, ACCA (the Association of Chartered Certified Accountants) provides 11 recommendations in this regard.
There are around 49 sustainability reporting experts who presented their opinions in debates which occurred in Australia, Canada, Hong Kong, South Africa, the UAE and the UK. Their thinking is captured collectively in the new ACCA report in order to affect the further developments.
Both stakeholder and national perspectives have taken an active part in the discussions so that the best use of paragraph 47 should be held. The UN’s outcome document The Future We Want, encompasses number of commitments and experts believe that ways must be underlined in order to take forward these commitments internationally. In this regard global discussions took place which shed focus on the taking forward the commitments mentioned in paragraph 47 of the UN’s outcome document The Future We Want.
ACCA (the Association of Chartered Certified Accountant)’s head of sustainability, Rachel Jackson said that in the time span of 12 months many conversations were held which explained that paragraph 47 was differently comprehended and interpreted. He further added that we aim at grabbing the differing views of both regional and stakeholder perspective which will help different organizations to flourish. Government can too be benefited because of these findings and is going to be a valuable move. Moreover, corporate sustainability reporting will be increased.
There have been diverse views in this regard, after the series of discussions and conversations, majority agreed on same agendas. All from the corporate, accounting, investment, and consultant and NGO perspectives believe that commitments mentioned in paragraph 47 must be taken forwards.
The 11 recommendations are:
1. Materiality consideration
2. Contextual reporting ensured
3. Integration of sustainability also for business
4. Harmony with key stakeholders
5. Stock exchange preferred over listed companies
6. Consider existing framework and requirements
7. Local knowledge awareness
8. Consider national and sectoral needs
9. Capacity building to be a sharing processTransparency (social & environmental)