| How much do you know about sustainability reporting? |
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There has not been a better month to talk about sustainability reporting in light of a potential increase in electricity outages - some of the them due to bad weather affecting the coal supply to power generation units - flooding in the Kruger Park, Limpopo, Easter Cape and elsewhere, and probably many more examples that just do not reach national headlines. Based on recent events in South Africa there is no doubt that climate change is a reality.
Sustainability reporting is much more than just climate changes and related matters, potentially if we think about how sustainability should be considered by the public sector. The “S” in ESG (Environmental, Social and Governance) reporting is likely a more important focus for the public sector, although acknowledging that environmental and societal issues are linked.
You may have read about sustainability reporting developments internationally in the private sector and wondered how work is progressing. It is a fast-paced area and everyone with a reporting responsibility is wondering what they should be doing.
As our Board considers international best practice in developing Standards of GRAP, it is important for the ASB to stay close what is happening internationally, so that we can respond accordingly. As the ASB, we set Standards of GRAP which are applied by public sector entities in preparing their financial statements. At present, our mandate does not directly extend to sustainability reporting – particularly where this is outside the financial statements. Although we are not directly responsible for sustainability reporting at present, we are monitoring the work of the International Sustainability Standards Board (ISSB), the International Public Sector Accounting Standards Board (IPSASB), the International Federation of Accountants (IFAC) and other key role players closely.
We hosted an information session on sustainability reporting on the 21st of February 2023. If you missed the event, you can watch it now on YouTube by following this link.
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