KPMG Lower Gulf’s Post

New draft standard for Public sector entities with expectations of other standards to follow- read in full International Public Sector Accounting Standards Board (IPSASB) International Sustainability Standards Board (ISSB)

#BDO has released International Sustainability Reporting (ISR) Bulletin Q3 2024 which includes information on developments in various jurisdictions including the #EuropeanUnion and the US. This ISR Bulletin also contains summaries of major events in sustainability reporting around the world 🌍 To learn more about our 𝐈𝐅𝐑𝐒 𝐚𝐧𝐝 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, click here: https://lnkd.in/drz3KjNm #BDOMalta #SustainabilityReporting

On June 20, TNFD and EFRAG have jointly published a mapping of the correspondence between the European Sustainability Reporting Standards and the TNFD' s recommended disclosures and metrics, illustrating the high level of commonality achieved. Along with the release of the correspondence table, companies can understand the commonalities between the ESRS and the TNFD by mapping in detail the disclosures, core metrics recommended by the TNFD and the requirements of the ESRS. #ESG #Sustainability

IFRS Updates

🌱 Driving Sustainability: Florin Popescu at Govnet’s ESG Conference Florin Popescu, our Sustainability Expert, attended the 'ESG Non-Financial Reporting' event hosted by GOVNET Romania. The focus was on sustainability and the impact of ESG reporting on business environments, highlighting the importance of preparing for future challenges. 💡 Opportunities and Challenges: CSRD and ESRS bring both opportunities and challenges for public and private entities. The discussions emphasized the need for a clear and collaborative framework to support companies in becoming more sustainable, with a tangible impact on communities and the environment. 🔍 Key Topics Discussed: ✅ Carbon Footprint – Solutions for efficiently measuring companies’ climate impact, including AI-powered automated calculations. ✅ Offsets and Accreditation – A debate on the carbon offsets trading market and accreditation requirements ✅ Sustainability Reporting – Real-world experiences shared by companies that have completed such reports. ✅ Expert Panels – Four interactive discussions featuring local and international sustainability experts, covering essential themes: CSRD and ESRS, energy efficiency, and laying the foundation for future reporting processes. We firmly believe that preparing for a sustainable future is not just a necessity but a responsibility that impacts every aspect of our lives and businesses. 🌎 #Sustainability #ESG #CarbonFootprint #CSRD #BusinessSustainability #GreenFuture

I am pleased to announce that I have completed the CSRD Fundamentals course offered by the CSRD Institute. I would like to thank the CSRD Institute for providing such a wonderful and insightful program. I highly recommend this course to everyone. Here are some key points I learned from the course: The Corporate Sustainability Reporting Directive (CSRD) is a significant change for companies operating in the EU region. Companies must comply with CSRD standards starting in January 2024. The CSRD applies to various types of companies, particularly: •NFRD companies • Large companies • Listed SMEs •Certain non-EU companies • The CSRD aims to enhance and standardize sustainability reporting, ensuring that companies provide reliable and comparable information on their environmental, social, and governance (ESG) impacts. • Companies will be required to report on a broader range of sustainability topics, including climate change, biodiversity, human rights, and social matters. • The CSRD introduces more detailed reporting requirements and mandatory audits to increase the transparency and accountability of corporate sustainability efforts. • Small and medium-sized enterprises (SMEs) listed on regulated markets will have a transition period to comply with the new requirements, providing them with the necessary time to adapt. • The directive encourages companies to integrate sustainability into their business strategies and decision-making processes, promoting long-term sustainable growth. • It also aligns with the European Green Deal, which aims to make Europe climate-neutral by 2050. Companies in these categories must adhere to the CSRD standards to improve sustainability practices and transparency across the EU. Compliance with the CSRD will not only enhance corporate accountability but also build trust with stakeholders, investors, and the public. #CSRD #Sustainablity #ESG

🌍 Upcoming Sustainability Reporting Standard for Governments 🌍 Exciting developments are on the horizon! The International Public Sector Accounting Standards Board (IPSASB) is set to release a proposed sustainability reporting standard for governments next month. This new standard will address the unique responsibilities governments have in managing climate risks and setting expectations through policy. While based on private-sector sustainability standards, the public-sector version will include sector-specific guidance to cover the policy-making, monitoring, and enforcement roles of governments. The goal is to ensure consistent and comparable reporting on climate impacts across the globe. With governments playing a critical role in shaping climate-related policies, this new framework will be a major step forward in addressing global sustainability challenges. 🌿 Stay tuned for more updates! #Sustainability #ClimateChange #IPSASB #PublicSector #Governance #AccountingStandards #SustainabilityReporting https://lnkd.in/g7UeYJEw

📣 The new draft of the VSME excludes the DMA - a critical step in working strategically with sustainability    In the most recent version of EU’s voluntary reporting standards for SMEs (VSME), the DMA has been removed after input from the public.    In this article, we argue why we think it’s worth it for SMEs to conduct a DMA: 1️⃣ Helps understand sustainability impacts. The DMA equips businesses with a holistic overview of their impacts while pinpointing important financial risks to be aware of. 2️⃣ Sets a direction for sustainability efforts. It helps SMEs understand where to focus their often limited sustainability resources meaningfully. 3️⃣ Can be done in a simplified way. One way is to minimise the number of topics assessed by focusing on overarching matters such as climate change, pollution, biodiversity, workers’ rights and business conduct.   4️⃣ Identifies financial risks and uncovers new opportunities. The outcome of the DMA can be leveraged to future-proof your business.     Read the full article here 👉 https://lnkd.in/g_Bb7UDd

Registration Link: https://bit.ly/3T5Xf1Q Happening Today: The National CPD Committee of ICMA is organizing an International Webinar on Integrated Sustainability Reporting: Strategy for success and future direction #icma #icmap #icmainternational #sustainability

💪🏻 COMPETITIVE ADVANTAGE ♻️For several years now, there has been an ongoing discussion on extending the compulsory drawing up of a sustainability report to a larger number of companies or making it compulsory in public tenders that go beyond the awarding of bonuses. 🇪🇺 As mentioned, there is a growing sensitivity of public decision-makers to the issue of sustainability in terms of strategy, just think of the relevance of the European Green New Deal and the fact that sustainable development is one of the two pillars together with digitalization on which the Recovery Fund is based. ✍🏻 These elements lead to the plausibility of the Sustainability Report becoming mandatory. 👥 Anticipating issues means laying the foundations for a competitive advantage and that is what makes the difference between those who undergo a process and those who steer it, also if you are a SME. 👇 Don't get caught unprepared, start writing your sustainability report with us now https://lnkd.in/dMs-QEeE #csrd #corporatesustainability #sustainabilityreport #ethics4growth   https://lnkd.in/dMs-QEeE