An international initiative is launched to promote a standard corporate reporting model that integrates financial and sustainability accounting for the company

Madrid, October 13, 2020.- Transcendent, the Spanish consulting firm specialized in Corporate Social Impact, together with its strategic partner, The Impact Management Project (IMP https://impactmanagementproject.com/), have been chosen to announce in Spain a common initiative that has just been launched by the five major international organizations that are world leaders in sustainability reporting systems. This initiative lays the foundations for what can become a standard framework among all of them for corporate reporting on corporate sustainability.

The big five, CDP, Climate Disclosure Standards Board (CDSB), Global Reporting Initiative (GRI), International Integrated Reporting Council (IIRC) and Sustainability Accounting Standards Board (SASB) guide the vast majority of quantitative and qualitative sustainability reports today, and provide the integrated reporting framework that connects sustainability reporting with financial or other reporting.

First steps toward integrated corporate reporting

Through this joint statement, these institutions provide a shared vision of the elements necessary for comprehensive corporate reporting and explain how their frameworks and standards complement financial accounting regulations, The GAAP (Generally Accepted Accounting Principles), and provide the natural starting point for advancing in this field.

The growing demand for relevant information on sustainability and the impact that companies generate on society, the economy and the planet's natural resources, on the part of corporate beneficiaries (stakeholders), particularly responsible investors, consumers, regulators and governments, requires a common framework and regulations for companies.

The proliferation of initiatives on different and complex sustainability reports is seriously burdening companies, diverting their attention from the activities necessary to achieve the energy transition and the generation of positive social impact. In fact, there are already nearly 400 reporting initiatives in 64 countries, making them difficult to compare and study.

Sensitized to the need to respond to this reality, the Impact Management Project (IMP), the World Economic Forum And the consultant Deloitte, have promoted this initiative, facilitating the meeting between these leading entities in the sector and expressly supporting the first conclusions of the sector.

In addition to all this, there are three other milestones that anticipate what the decade we have just begun will be like and that demonstrate that we are facing a new, more conscious and more responsible capitalism: The launch of European Sustainable Investment Plan which will make the new European Green Deal feasible; the letter from Larry Fink, CEO of BlackRock, the world's leading asset manager, and a new report on global risks from the World Economic Forum.

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