Daily The Business

World’s first set of Industry-Specific Accounting Standards published

KUALA LUMPUR, Nov 8 (Bernama/APP):The Sustainability Accounting Standards Board (SASB) recently published the world’s first set of industry-specific sustainability accounting standards covering financially material issues at the London Stock Exchange.
“Companies and investors around the world now have codified, market-based standards for measuring, managing and reporting on sustainability factors that drive value and affect financial performance,” said SASB Chair, Jeffrey Hales.
Among the industry leaders using SASB standards include GM, Merck, Nike, Kellogg’s, JetBlue, CBRE, Diageo, Groupe PSA, Schneider Electric, Host Hotels and NRG Energy.
Approved on Oct 16, 2018, the standards was published to help businesses better identify and communicate significant opportunities for sustaining long-term value creation covering 77 industries, a statement said.
It was a vote of the Standards Board after six years of research and extensive market consultation, including engagement with many of the world’s most prominent investors and businesses from all sectors.
By addressing the subset of sustainability factors most likely to have financially material impacts on the typical company in an industry, SASB’s industry-specific standards help investors and companies make more informed decisions.
SASB is an independent, nonprofit standard-setting organization that develops and maintains robust reporting standards for businesses to identify, manage and communicate financially-material sustainability information for investors.

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