Sustainable Business Management Shared Interest Group

  • 1.  Brazil selects ISSB global baseline standards

    Posted 10-23-2023 09:48 PM

    The Brazilian Ministry of Finance and the Comissão de Valores Mobiliários (CVM) have announced that the International Sustainability Standards Board's (ISSB) IFRS Sustainability Disclosure Standards will be incorporated into the Brazilian regulatory framework, setting out a roadmap to move from voluntary use starting in 2024 to mandatory use on 1 January 2026.

    This is a great move and will help in having a consistent standard and avoid multiplicity of standards. 


    #ESGReporting

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    Neel Venkatachalam | Group Risk Management Coordination
    ArcelorMittal

    Global Assurance | 2nd Floor, 833 E, US 30
    Schererville, Indiana 46375

    T +1 219 2567301 | M + 1 219 2566584
    neelakantan.venkatachalam@...
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  • 2.  RE: Brazil selects ISSB global baseline standards

    Posted 10-25-2023 04:42 AM

    It's commendable to see Brazil moving forward with the adoption of ISSB standards. Given the digital revolution and the critical role of data in decision-making, it is important for Brazil to  embrace the IFRS/ISSB XBRL Digital Reporting Taxonomy. By "thinking digital", Brazil can ensure a more streamlined, transparent, and efficient reporting process that aligns with global best practices.  By adopting a digital taxonomy approach to statutory reporting, it will not only enhance consistency and comparability across financial statements but also expedite the integration of Brazil's financial market with the global green ecosystem. Let's hope Brazil takes this golden opportunity to fully immerse itself in the digital age of financial reporting. Liv's Two Cents!



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    Liv Watson
    Director/Manager
    Charlotte NC
    United States
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    Original Message


  • 3.  RE: Brazil selects ISSB global baseline standards

    Posted 10-26-2023 08:33 PM

    As global standards increasingly converge, it's crucial for management accountants to familiarize themselves with the key performance indicators (KPIs) related to these standards. It's time to establish robust controls, particularly for those involving transaction-level detail and new accounting methods to meet capital market demands.

    With all major economies moving towards a regulated framework, adherence to these standards is not just a mandate; it's essential for maintaining our social license to operate and to participate effectively in capital flows. The economic momentum generated by initiatives like the IIJA in the U.S., coupled with the anticipated decision from the U.S. SEC (which is likely to necessitate assurance), means that the discourse around ESG and greenwashing is rapidly evolving into tangible economic opportunities. We're on the cusp of a significant shift.

    As stewards of our businesses, our role extends beyond compliance; we must guide our organizations in understanding both the requirements and the implications of non-compliance. While many of the Sustainability Accounting Standards in SASB (now part of IFRS S2) are financially and quantitatively driven, with clear mapping tables, the challenge lies in mastering the qualitative aspects. This requires deep institutional knowledge and an understanding of the unique value our businesses bring to the economies in which we operate.



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    Jedadiah Chilton CMA,CSCA,CPA
    Vice President
    Apex NC
    United States
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    Original Message


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