This report from the Professional Accountants in Business Committee considers trends in investor demand for and use of environmental, social, and governance (ESG) information, and recommends how professional accountants can better support their organizations in responding to these demands, and ultimately improve the management and reporting of ESG performance.

An Executive Summary of the report is also available below.

This report summarizes and analyzes the responses from the fourth quarter poll of 2011, conducted from November 17 to December 19, 2011. The report also illustrates the SMP Committee’s activities, undertaken in collaboration with IFAC member bodies, that respond to the issues, challenges, and needs of SMPs as identified by the findings.The fourth quarter poll received 2,441 responses and was conducted in seven languages. 

This Feedback Statement provides an overview of the key messages from the responses to the IAASB’s January 2011 Discussion Paper, The Evolving Nature of Financial Reporting: Disclosure and Its Audit Implications.

This plan is the second phase of the IAASB’s efforts to monitor the implementation of clarified ISAs. The review is focused on whether these standards are being consistently understood and implemented in a way that achieves the IAASB’s goals in revising and redrafting them. Recognizing the broad range of stakeholders that may be interested in providing feedback to the IAASB about the clarified ISAs and their implementation, the IAASB encourages and welcomes input from all interested parties for the purpose of the review.

This strategy and work plan sets out IFAC’s vision, strategic direction, and corresponding work plan in relation to professional accountants in business for the period 2010–2012. Prepared by the PAIB Committee, the strategy is cast within the context of the current and anticipated environment and the perceived needs of organizations in general. It sets the direction and priorities of IFAC’s services relevant to professional accountants in business.

This report highlights the progress made to date and key findings from the first phase (Pre-Implementation Monitoring) of a two-phase initiative to evaluate whether the IAASB needs to make further changes to the 36 clarified International Standards on Auditing (ISAs) and clarified International Standard on Quality Control (ISQC) 1, which became effective January 15, 2009. 

Phase 1 began in June 2009 with the an information-gathering exercise to learn about the experiences of practitioners in preparing to implement the clarified ISAs.

High-quality business reporting lies at the heart of strong capital markets and sustainable economic growth. All those involved in the business reporting supply chain play a critical role in making business reports more relevant, understandable, and reliable. This will enable the various stakeholders who use those reports to make informed decisions with respect to an organization’s social, environmental, and economic performance.

Professional accountants in business play key roles in organizations—roles that often go far beyond the stereotypical perceptions of accountants. It may not be readily apparent to all employers and business owners, but they can capitalize on professional accountants’ training, knowledge, and skillsets to help guide their organizations toward long-term sustainable success.