By Walda Wildman, CPA
All kinds of big companies are playing up their compliance with ESG standards. However, those companies haven’t had any codified standards to use in preparing those reports. As a result, it’s not been easy to compare the reports or to know if they have real meaning. That changed last June when the International Sustainability Standards Board of IFRS issued IFRS S1 and IFRS S2, the first-ever ESG reporting standards applicable to financial reporting.
Accounting Today asked recently if accountants are losing the ESG market. According to AICPA CEO Barry Melancon, only 57% of 2021 ESG engagements worldwide were conducted by accounting firms. My guess is that most of these engagements were performed by a handful of the biggest firms. Now that we have standards, where does that leave regional and local firms?
While IFRS 1 and 2 are officially applicable only to international reporting, South Carolina CPAs need to get familiar with them. My Fall Fest talk is designed to help you understand:
- Where these standards came from
- What these standards require
- How these standards differ from what we’re used to
- How these standards could impact your South Carolina clients
- How the standards could impact your own firm
- Whether your firm should pursue ESG engagements
