ACCA says sustainability reporting can boost growth in UK and China

The Association of Chartered Certified Accountants (ACCA) has said faster adoption of sustainability reporting and assurance frameworks could enactment economical maturation successful some the UK and China.

The accounting assemblage said that improving the quality, coherence and credibility of sustainability reporting tin facilitate commercialized and concern flows betwixt the 2 countries.

After probe and consultation successful some markets, the ACCA besides urged regulators and policymakers to accelerate advancement portion keeping implementation practical.

It recommended mounting realistic expectations, issuing clearer guidance and adopting phased timelines truthful that companies tin physique capableness and trim compliance uncertainty and cost.

ACCA main enforcement Helen Brand said: “Regulators and policymakers tin fortify firm uptake by providing wide guidance, enactment with applicable implementation and promoting the usage of integer tools.

“By mounting retired a transparent roadworthy representation with defined milestones, organisations could plan, align and physique capableness portion reducing uncertainty and cost.

“Assurance providers would beryllium helped by regulators providing wide terminology, expectations and scope successful bid to physique assurance successful the market. The study says the assurance marketplace should ‘operate nether the supervision of an due oversight assemblage to heighten credibility and trust’.”

The ACCA study draws connected insights gathered from a roundtable that brought unneurotic UK and China stakeholders including academia, the accountancy and assurance professions, corporates successful some jurisdictions, fiscal institutions, authorities and regulators.

It identifies 3 main hurdles: a shortage of skills and capableness to analyse sustainability data; the breadth and diverseness of sustainability topics; and difficulties successful linking sustainability and fiscal information.

Both the UK and China backmost the enactment of the International Sustainability Standards Board and are utilizing the International Auditing and Assurance Standards Board’s ISSA 5000 arsenic a ground for their sustainability assurance standards.

Comparing the 2 countries’ approaches to sustainability rules and disclosures, the study urges minimal deviation from planetary standards.

ACCA Europe, Eurasia, the Americas, Middle East (EEMA) and UK Policy and Insights determination pb Joe Fitzsimons said: “The enactment underlines however the UK and China stock the aforesaid challenges successful the improvement and implementation of sustainability disclosure and assurance standards.

“We are astatine a captious juncture globally with sustainability reporting and assurance and we anticipation this study volition marque a important publication successful helping some countries to find the close road.”