The Association of Chartered Certified Accountants (ACCA) has published a new paper entitled “Empowering Business: Navigating Nature-Related Reporting.”

The aim of the paper is to help accountants support organizations in nature-related reporting and promote action to address sustainability challenges.

This comes at a time when companies are reportedly disclosing their impact on the environment, particularly with the introduction of the Corporate Sustainability Reporting Directive in Europe.

The International Sustainability Standards Board has also expressed its intention to address biodiversity, ecosystems and ecosystem services.

Over the next two years, the Board plans to develop global reporting standards. Accountants are encouraged to expand their knowledge in this area.

Such reporting is about detailing an organization's nature-related impacts, dependencies, risks and opportunities and highlighting the interplay between natural, social and human capital.

Jessica Bingham, head of ACCA regional policy and author of the report, will discuss key messages from the ACCA report at COP 16 on biodiversity in Colombia, taking place from October 21 to November 1, 2024.

The event will feature a panel including representatives from the Global Reporting Initiative, credit agency S&P and Astra Zeneca.

Bingham said: “Nature is the foundation of all life on Earth, and our research suggests that an overwhelming number of organizations are not effectively assessing and communicating their impacts and dependencies on nature.”

Research carried out by ACCA in collaboration with the University of Glasgow has found that a high percentage of early adopters of the Taskforce on Nature-Related Financial Disclosures guidelines have policies aimed at halting and reversing biodiversity loss.

It is reported that only a minority of these organizations base their policies on the 2030 and 2050 global biodiversity frameworks.

Organizations working with accountants on the Climate Financial Disclosures Task Force are positioning themselves to develop nature-related reporting, improve resilience and manage their environmental impacts.

The evolution of nature-related reporting presents opportunities for accountants and the entire profession in areas such as strategic planning, value creation, risk management and more.

In early October 2024, ACCA published a report addressing the ethical challenges facing the accounting sector.

The study, which surveyed more than 1,100 professionals from 135 countries, found that 64% of accountants perceive ethical issues to be more complex than they were three years ago.

The story continues

“ACCA publishes new paper to guide accountants on sustainability” was originally created and published by The Accountant, a brand owned by GlobalData.

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