Ninety-five percent of large companies surveyed issued environmental, social and corporate governance in 2021, according to a report by three accounting associations.
The recently released report shows strong gains in reporting but also barriers to consistent information and a lack of international standards. The survey results are the latest available in the report by the International Federation of Accountants, American Institute of CPAs and Chartered Institute of Management Accountants. .
The figures for 2021 are up from 91 percent in 2019. Moreover, 64 percent of companies obtained assurance over at least some ESG information in 2021, an increase from 51 percent two years prior to that. The lack of standards was strongly cited by the sponsors.
“Eighty-six percent of companies use multiple standards and frameworks,” IFAC CEO Kevin Dancey said in a prepared statement. “This patchwork system does not support consistent, comparable, and reliable reporting. Importantly, it also does not provide the necessary foundation for globally consistent, high-quality sustainability assurance.”
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind