ACCA urges FCA to prepare companies for tougher sustainability reporting

The Association of Chartered Certified Accountants (ACCA) has called connected the Financial Conduct Authority (FCA) to guarantee UK companies are equipped to conscionable progressively demanding sustainability reporting requirements.

In a statement, the ACCA said it submitted its views portion responding to the regulator’s consultation connected ‘Aligning listed issuers’ sustainability disclosures with planetary standards’.

The accountancy assemblage stressed that the FCA indispensable equilibrium the thrust for much decision-useful accusation for investors with existent levels of marketplace readiness.

The ACCA besides welcomed efforts to bring FCA requirements successful enactment with the caller UK Sustainability Reporting Standards, SRS 1 and SRS 2.

It views this alignment arsenic a “sensible step”, but notes that the caller standards spell beyond the now-disbanded Task Force connected Climate-related Financial Disclosures, some successful sum and successful the item expected from companies.

ACCA UK Technical and Strategic Engagement caput Glenn Collin said: “It is truthful important that the FCA continues to see marketplace readiness, some successful presumption of capabilities and information availability, peculiarly for smaller oregon little mature preparers wrong the in-scope population.”

The ACCA besides urged the FCA to instrumentality what it describes arsenic a pragmatic and proportionate path, arguing that specified an attack volition beryllium indispensable for effectual implementation and for maintaining the prime of the accusation disclosed.

The organisation besides backs the instauration of transitional measures to assistance issuers accommodate to the expanded reporting scope.

Despite calling for a phased approach, the ACCA maintains that the semipermanent extremity should beryllium the afloat and mandatory exertion of the sustainability reporting requirements crossed in-scope companies.

ACCA EEMA & UK Policy and Insights determination pb Joe Fitzsimons said: “Regular assessments enactment successful scope listed companies with operational planning, strategy readiness and capableness gathering portion besides giving investors greater certainty astir erstwhile they tin expect broad disclosures to go available.”

"ACCA urges FCA to hole companies for tougher sustainability reporting" was primitively created and published by The Accountant, a GlobalData owned brand.

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