ACCA and EY Call for Enhanced Sustainability Reporting
The Association of Chartered Certified Accountants (ACCA) and Ernst & Young Advisory Services (EY) have released a report urging corporate leaders to strengthen sustainability reporting across ten key areas. Despite increasing regulatory demands, many organizations remain in the early stages of developing robust reporting systems. The study highlights knowledge gaps as a major challenge for 41% of global respondents and 36% from the Greater Bay Area (GBA). Additionally, issues such as an immature reporting ecosystem and difficulty understanding stakeholder needs were cited by significant portions of both groups. The report outlines ten actions to address these challenges. It emphasizes moving beyond compliance to use sustainability data for strategic resilience and long-term performance. Recommendations include prioritizing relevant standards, leveraging regulatory guidance, improving operational resilience through risk assessments, engaging stakeholders regularly, integrating financial and sustainability systems, cross-industry collaboration, securing technical expertise, and immediate leadership action. ACCA Hong Kong chairman Wilson Cheng noted that accountants are well-positioned to support these efforts by utilizing their strengths in compliance and data governance. The report warns of rising costs if implementation is delayed.
Topics: Corporate Governance Regulation Sustainability Reporting