Accountancy Europe publishes follow-up paper on interconnected standard-setting

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16 Jun 2020

In December 2019, Accountancy Europe has published a paper describing and calling for a global solution to interconnected standard-setting that can meet the need for reliable, consistent information in non-financial reporting that is interconnected with financial reporting. A follow-up paper has now been made available that analyses the feedback received, provides an update on the latest EU and global developments, and reflects on a way forward.

As reported in April 2020, the responses to the cogito paper show strong support for a global solution to non-financial reporting. Accountancy Europe summarises the key takeaways from the comment letters received as follows:

  • The ultimate objective should be a system solution to deliver global NFI reporting standards connected to financial information.
  • The ‘system solution’ could be achieved in steps such as bilateral moves to closer align or converge NFI reporting standards, policy developments, and expand the mandates for multilateral organisations.
  • A ‘building blocks’ approach could address global challenges and varying policy needs with a core set of global metrics for NFI reporting to ensure comparability and address global challenges and with optional further blocks to reflect jurisdictional priorities or address sector-specific topics.
  • Quickest progress could be made by building on the best of NFI frameworks and standards (CDP, CDSB, GRI, and SASB).
  • The European Union should collaborate with different organisations to help catalyse a global solution.

Please click to access the follow-up paper on the Accountancy Europe website.

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