Non -Financial Reporting Guidelines will boost investor confidence
The Chartered Accountants of Sri Lanka last week launched the Non -Financial Reporting Guidelines to strengthen and ensure fair and balanced corporate reporting among companies.
Due to changing circumstances many corporate stakeholders today demand non-financial information as well as financial information to take decisions on businesses. This includes information on environment, social, governance, sustainability and other factors for enhancing corporate responsibility, said President – Chartered Accountants (CA Sri Lanka) Institute, Sanjaya Bandara at the launch of the CA Sri Lanka Non-Financial Reporting Guidelines held at the CA Auditorium Colombo this week.
He said the CA Lanka is the sole authority to promulgate accounting and auditing standards in the country. The Non -Financial Reporting guidelines have been developed for all entities including listed and unlisted large and small and medium-sized enterprises in Sri Lanka that produce annual reports and that follow the Economic, Environmental, Social and Governance (EESG) framework. Meanwhile a key benefit of this newly developed guidelines is in line with international frameworks for non financial reporting that provides balanced and flexible guidance on reporting that helps companies to disclose material information consistently.
The framework also ensures comparability across companies and sectors. The aim is to develop capital market development in the country by attracting investors. He reiterated that a framework is available now for reporting non-financial information for stake holders.
Chairman, Securities and Exchange Commission of Sri Lanka, Viraj Dayaratne said the introduction of these guidelines comes at a time when there is a global conversation on the subject. The guidelines are expected bring greater consistency on issues relating to environment, social governance for market participants to identify sustainability risks and opportunities. This comes at a time when there is a focus on people, planet, profit as well as renewed international effect to advance the sustainability effort.
According to the World Economic Forum global report 2021 the highest risks identified for the next 10 years are extreme weather and failure to take action to mitigate on climate change and environment damage that is brought about. The sustainability is not only saving the planet but includes social inequality, social equity to bring a better future. Accountants play a vital role in expediting business practices and need to be equipped with steps to verify sustainable reporting. It is also important for accountants to consider risks brought about by climate change and assist corporates to understand and mitigate risks. Security regulators the world over share the core objective of protecting investors and maintaining fair and efficient markets.
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