SDGs need to change

A group of accounting bodies including the Association of Chartered Certified Accountants (ACCA), Chartered Accountants ANZ, the Institute of Chartered Accountants of Scotland (ICAS) the International Federation of Accountants (IFAC), the International Integrated Reporting Council (IIRC) and the World Benchmarking Alliance (WBA) have called for an overhaul of the reporting standards and methodology of the UN Sustainable Development Goals (SDGs).

The group, setting out the rational in a paper Sustainable Development Goals Disclosure (SDGD) Recommendations (Carol A Adams with Paul B Druckman and Russell C Picot), argues that more consistent standards are required that take a more holistic approach, accounting for the entire business, including investment activity, and long term value creation.

The group argues that more standardised reporting will make it easier for investors to judge the impact and risks that companies are making, allowing them to select the more resilient and effective operations.

The report set out a five-step process to align an organisation’s approach to the SDGs as an example of how to demonstrate more accurate reporting.

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