Accounting traditionally focused on organisations economic/financial performance
Measure and report on financial performance (financial accounting and financial reporting)
In the case of companies, the aim was primarily to provide information to providers of financial capital (shareholders and creditors)
In today’s world, it is recognised that organisations have a broader range of stakeholders
This has given rise to social and environmental/sustainability reporting
Meet the information needs of a broader range of stakeholders
Promote transparency and corporate accountability to stakeholders
Global Reporting Initiative (GRI)
GRI is an independent international organization that has pioneered sustainability reporting since 1997.
GRI standards (started off as the GRI Guidelines) provide guidance to organisations on sustainability reporting
GRI: “A sustainability report is a report published by a company or organization about the economic, environmental and social impacts caused by its everyday activities. A sustainability report also presents the organization’s values and governance model, and demonstrates the link between its strategy and its commitment to a sustainable global economy.”
Other terms include triple bottom line reporting, corporate social responsibility (CSR) reporting, etc.
Over to You
Review the following GRI standard which provides organisations with detailed guidance on water reporting
Visit the GRI website
a. Search for a sustainability report
Review KPMG 2020 Survey of Sustainability Reporting
a. Find out how many companies in your country publish a sustainability report.
b. Is sustainability reporting mandatory in your country or voluntary?