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Changes to ESG reporting
As an ESG Consultant in Dubaiin 2020, therewereseveral noteworthy
consolidations of ESG reporting foundations. The InternationalFinancial
Reporting Standards (IFRS) Foundation announced thecreation of the
InternationalSustainability Standards Board (ISSB) atthe COP22 climate
conference in November 2020. The IFRS Foundation Trustees, who also manage
the InternationalAccounting Standards Board, will be in charge of the ISSB(IASB).
The ISSBwas established and structured such that the IFRS Substancewould treat
financial accounting and sustainability accounting equally.
As an ESG Consultant in Dubaithe Sustainability Accounting Standards Board
(SASB) standards, which areshareholder-focused and industry-specific, are
expected to be accepted by the ISSB. The ISSBused and combined mostof the
well-known ESG standards and frameworks whilecreating the new international
standards; thus, they did not start fromzero.
The ISSBis also consolidating administrations and employees in addition to
standards. By June 2021, theValue Reporting Foundation (VRF) and the Climate
DisclosureStandards Board (CDSB) willhave combined into the IFRS Foundation.
The SASB and the InternationalIntegrated Reporting Council were succeeded by
the VRF (IIRC). When theSASB and IIRCjoined in June 2020, the VRF was created.
We believe as a ESG Consultant in Dubai which the fact that the information
revealed in ESG reporting is frequently neither highly relevant nor similar across
organizations has been a problem. Largepublic companies frequently employ a
variety of standards and frameworks for their ESG strategy. This is so that
businesses can select the ESG standard or framework they wantto apply to their
ESG strategy. Additionally, it is typical for businesses working in the samesector
to release their ESG reports at various intervals and in various reporting formats,
metrics, and accounting systems. Sincethe ISSB's standards areprojected to be
the dominantESG standards focused on innovativeness valueor shareholders, the
creation of the ISSBis expected to address thesedifferences and improvethe
comparability of ESG information.
The VRF advises businesses to succumb ESG data now rather than waiting for the
full ISSBguidelines to be published. While the ISSBstandards arebeing
developed, companies are urged to continue using the existing ESG strategy.
Existing ESG Frameworks & Standards
We believe as ESG reporting in Dubai that three essential ESG standards and
outlines used are the Global Reporting Initiative (GRI) Standards, Task Forceon
Climate-related Monetary Disclosures (TCFD),and SASBStandards.

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Changes to ESG reporting

  • 1. Changes to ESG reporting As an ESG Consultant in Dubaiin 2020, therewereseveral noteworthy consolidations of ESG reporting foundations. The InternationalFinancial Reporting Standards (IFRS) Foundation announced thecreation of the InternationalSustainability Standards Board (ISSB) atthe COP22 climate conference in November 2020. The IFRS Foundation Trustees, who also manage the InternationalAccounting Standards Board, will be in charge of the ISSB(IASB). The ISSBwas established and structured such that the IFRS Substancewould treat financial accounting and sustainability accounting equally. As an ESG Consultant in Dubaithe Sustainability Accounting Standards Board (SASB) standards, which areshareholder-focused and industry-specific, are expected to be accepted by the ISSB. The ISSBused and combined mostof the well-known ESG standards and frameworks whilecreating the new international standards; thus, they did not start fromzero.
  • 2. The ISSBis also consolidating administrations and employees in addition to standards. By June 2021, theValue Reporting Foundation (VRF) and the Climate DisclosureStandards Board (CDSB) willhave combined into the IFRS Foundation. The SASB and the InternationalIntegrated Reporting Council were succeeded by the VRF (IIRC). When theSASB and IIRCjoined in June 2020, the VRF was created. We believe as a ESG Consultant in Dubai which the fact that the information revealed in ESG reporting is frequently neither highly relevant nor similar across organizations has been a problem. Largepublic companies frequently employ a variety of standards and frameworks for their ESG strategy. This is so that businesses can select the ESG standard or framework they wantto apply to their ESG strategy. Additionally, it is typical for businesses working in the samesector to release their ESG reports at various intervals and in various reporting formats, metrics, and accounting systems. Sincethe ISSB's standards areprojected to be the dominantESG standards focused on innovativeness valueor shareholders, the creation of the ISSBis expected to address thesedifferences and improvethe comparability of ESG information. The VRF advises businesses to succumb ESG data now rather than waiting for the full ISSBguidelines to be published. While the ISSBstandards arebeing developed, companies are urged to continue using the existing ESG strategy. Existing ESG Frameworks & Standards We believe as ESG reporting in Dubai that three essential ESG standards and outlines used are the Global Reporting Initiative (GRI) Standards, Task Forceon Climate-related Monetary Disclosures (TCFD),and SASBStandards.