who checks for non financial disclosure of esg / sdgs

Posted by deaguero at 2020-02-16

Non financial disclosure is paid attention. In Japan, the Securities report, from March 2019, will include disclosure of policy holding stock, executive remuneration, corporate governance, and management policy and management strategy (including business model), risk information, MDA information and audit status.

In addition, TCFD has recently attracted attention. The final report was released in June 2017 with the task force under the FSB. In the report, we propose companies to disclose the impact of climate related risks and opportunities on corporate finance through scenario analysis. In Japan, the Ministry of economy, trade and industry, the Ministry of environment, and the financial services agency are working together, and the companies and agencies that have signed and signed have reached 186 (August 8, 2019).

Behind the flow of non financial disclosure, there is a view that, through these disclosures, we will encourage long-term dialogue between investors and corporate executives to improve long-term corporate value. However, in the non financial information, the ESG / sdgs related information has been disclosed in Japan, which is an independent disclosure document, CSR report, sustainability report, integration report, or web site.

One is to strengthen the disclosure of the Securities report. At present, the audit committee meeting of the Corporate Accounting Council is considering the revision of the standard of audit standards committee 720. At present, the audit Corporation shall read the financial statements with the audit report and report the non financial information disclosed in the same report (that is, the Securities report). In the international audit standard (ISA) 720, the procedure to be carried out by the audit Corporation is strengthened, and it is examined whether there is an important difference between non financial information and the knowledge obtained by the audit corporation through the audit, and if there is an important false statement in the non financial information, the content is not described . The same revision is discussed in Japan.

Another is the enhancement of non financial information in voluntary disclosure documents. The IASB (international audit and guarantee Standards Council), which specifies the ISA, has been conducting a project to establish the guidance of the standards (isa3000) for checking the non financial information of voluntary disclosure documents such as integrated reports, etc., and consultation paper has been published in February, 2019. In this paper, the audit Corporation is required to examine the validity of the criteria to be applied by the company and to participate in the decision process of the importance of the information (in the direction of the decision) in the line of the expected user of the report. The project will be completed at the end of 2020. There is a problem that it is possible to deal with it in practice, but I want to expect it as a person involved in the decision somewhat.

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