The initiatives and cooperation being explored between the different standard setting bodies and frameworks are encouraging and demonstrates that sustainability has become a mainstream issue. While it may take some time to fully realise the ultimate vision of global sustainability standards, stakeholders (investors, customers and governments) demand that organisations increase their sustainability systems thinking and business reporting now.
Organisations cannot wait, they must begin to develop a more holistic understanding of risks and opportunities that includes anticipating and mitigating the impact of climate risk, and reporting on those risks and impacts. The accounting profession cannot wait, either. With our unique skill set for measuring, reporting and providing assurance on meaningful information, we have a vital role to play in pushing towards a global comprehensive reporting system.