The Evolution of ESG Reports and the Role of Voluntary Standards

Rouen, Ethan; Sachdeva, Kunal; Yoon, Aaron

doi:10.2139/ssrn.4227934

Cited by 7 publications

(2 citation statements)

References 40 publications

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“…Under the influence of the transformation of business concepts and the most important historical decisions for the future of world civilization, as well as climatic and social factors that have influenced the change in business goals, the evolution of public reporting of economic entities is moving in the direction from financial reporting to integrated reporting, the central place in which belongs to the integrated report; from many parallel initiatives and standards of non-financial reporting to coperation and unification [1].…”

Section: Introductionmentioning

confidence: 99%

Analysis of the information verification model in non-financial reporting of oil and gas companies

Kolosova,

Leonova,

Bogataya

et al. 2023

E3S Web Conf.

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The article is aimed at investigating the current practice of verifying information in non-financial statements of oil and gas sector companies. The study is based on the analysis of the current regulatory framework for confirming “(certification)” of non-financial reporting, which is structured into two blocks: regulatory documents that define the requirements for the disclosure of information in non-financial reporting, applied at the international and national levels, and regulatory documents that define the requirements for the verification of non-financial reporting at the international and national levels. A comparative analysis of the main standards and recommendations used for disclosure of information in ESG reporting is carried out. Regulatory acts containing general requirements for disclosure of information about the activities of PJSC oil and gas complex in the Russian Federation are considered. The systematization of Russian regulations in the field of disclosure of information on sustainable development and ESG factors and structural elements of the annual report is carried out and the characteristics of the main regulations for conducting an independent audit of non-financial reporting are given. In the course of the study, a matrix of categories was developed that ensure the reliability of public reporting. The features of the verification practice of Russian oil and gas companies that are system-forming are considered. An overview of Russian companies disclosing non-financial information in accordance with GRI, SASB, TCFD and CDP standards is presented. Based on the conducted research, it is concluded that the current regulatory framework in the field of confirmation (assurance) of non-financial reporting requires improvement of the terminology and differentiation of the concepts of “verification”, “assurance”, “confirmation”, “audit”, in order to develop the practice of business audit of the XXI century. The study can be useful for managers and decision makers aimed at implementing the Concept of Sustainable Development and achieving Sustainable Development Goals.

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Section: Introductionmentioning

confidence: 99%

Analysis of the information verification model in non-financial reporting of oil and gas companies

Kolosova,

Leonova,

Bogataya

et al. 2023

E3S Web Conf.

View full text Add to dashboard Cite

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“…Rafi's [9] work emphasized the indispensability of sustainability for corporate strategy, echoing the sentiment that sustainability isn't a mere addendum but central to modern business thinking. Lastly, Rouen, Sachdeva, and Yoon [10] traced the evolution of ESG reports, explaining the pivotal role of voluntary standards in this evolution. In synthesis, while existing literature offers a rich tapestry of insights on the integration of standards in sustainable development, there remains a vacuum regarding the importance of IFRS S1 and IFRS S2 in sustainable business development in the US.…”

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confidence: 99%

The Importance of International Financial Reporting Standards (Ifrs) and the New Sustainability Reporting Standards, Ifrs S1 and Ifrs S2, in Sustainable Business Development in the Us

Tolkach

2023

Věda a perspektivy

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In a rapidly globalizing world marked by globalization and harmonization of financial reporting principles and standards as well as increasing environmental concerns and a clarion call for corporate transparency, new IFRS financial reporting standards such as IFRS 17 and non-financial sustainability reporting IFRS S1 and IFRS S2 standards have emerged as significant markers for the competitive advantage of a company. The United States, with its dominant position in the global business landscape, offers a unique perspective on the integration and implications of these standards, making exploring this topic especially pertinent. The purpose of the study is to clarify the criticality of the need to implement new IFRS financial reporting standards, such as IFRS 17 for US companies, as well as IFRS S1 and IFRS S2 for sustainable business development in the US. The study investigates how these standards can drive transparency, facilitate informed investment decisions, and catalyze a shift toward sustainable business practices in the American corporate ecosystem. A mixed-methods approach was employed, and supplementary data were sourced from relevant literature, institutional reports, and regulatory policy documents.Research results indicate a growing recognition among US businesses of the benefits of aligning US companies' reporting with IFRS S1 and IFRS S2, including enhanced investor trust, competitive advantage, and better risk management. The research underscores the potential of IFRS S1 and IFRS S2 to act as catalysts for sustainable business development in the US.

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Sustainable development goals and the implications of business responsibility

Masanpally,

Bhattacharjee,

Butt

2024

Env Prog and Sustain Energy

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The world faces tremendous socio‐economic and environmental challenges, and to address these, the UN provides a global framework in the form of 17 Sustainable Development Goals (SDGs), which can also be applied to the business sector. India's BRR (Business Responsibility Report) system guides corporate sustainability; however, it lacks a clear alignment with the SDGs. In order to address this knowledge gap, this study creates a mapping system that can better align Indian companies' sustainability practices with the SDGs. The study, employing a hybrid methodology, conducts a sustainability content analysis with Critical Hermeneutic Analysis (CHA) to design and develop the mapping system incorporating SDGs and respective targets and indicators. The mapping system is applied to three Indian companies of different sizes. This demonstrates that the application is possible, although not being considered by the Indian business sector while using BRR. Through this mapping approach applied in the case of India, the study demonstrates the potential for replicability for SDG inclusion in other nations as well. In addition, the findings provide new insights for policymakers and business leaders to improve SDGs' integration in corporate reporting, promoting sustainable practices.

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The Evolution of ESG Reports and the Role of Voluntary Standards

Cited by 7 publications

References 40 publications

Analysis of the information verification model in non-financial reporting of oil and gas companies

Analysis of the information verification model in non-financial reporting of oil and gas companies

The Importance of International Financial Reporting Standards (Ifrs) and the New Sustainability Reporting Standards, Ifrs S1 and Ifrs S2, in Sustainable Business Development in the Us

Sustainable development goals and the implications of business responsibility

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