Accounting Standards

US companies issue support behind Value Reporting Foundation

In June 2021, International Integrated Reporting Council and the Sustainability Accounting Standards Board announced their merger to form the Value Reporting Foundation

A number of US companies have issued their support for the recently created Value Reporting Foundation.

In June 2021, International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) announced their merger to form the foundation.

The Value Reporting Foundation is set to business and investor decision-making with three key resources: Integrated Thinking Principles, Integrated Reporting Framework and SASB Standards, while working closely with the IFRS Foundation.

Richard Ellis, the vice president for corporate social responsibility at Walgreens Boots Alliance, said: “The Value Reporting Foundation will simplify the field and make it easier for the business community to demonstrate its sustainability credentials.”

Margaret Franklin, President and CEO, CFA Institute: “Sustainability standards meet value-creation framework. 

“CFA Institute views the establishment of the Value Reporting Foundation as a significant step forward because it merges the high-quality sustainability disclosure standards of SASB in the context of the value creation framework of the IIRC.”

She added: “Investors see sustainability disclosure as a value driver and this new organization advances the journey to such insight.”

Last week, the  Association of Chartered Certified Accountants (ACCA) also issued their support for the new body.

Helen Brand, ACCA’s chief executive and co-vice chair of the Value Reporting Foundation board, said: “Business and investors need a clear, consistent and comprehensive view of what enterprise value means in the modern world. 

“An integrated approach is necessary for corporate reporting, and this is what the Value Reporting Foundation will help organisations deliver.”

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