Sustainability Reporting Body of Knowledge
The Singapore Accounting and Corporate Regulatory Authority (ACRA) releases sustainability reporting body of knowledge, aimed at helping professionals master the knowledge of sustainable development reports and providing reference for course design for training institutions.
The Accounting and Corporate Regulatory Authority believes that the knowledge system for sustainable development reporting aims to provide professionals with technical skills in greenhouse gas accounting and sustainability reporting, enabling them to become experts in writing sustainability reports. The body of knowledge has been validated by over fifty stakeholders and will be continuously updated according to the development of regulatory policies.
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Introduction to Sustainability Reporting Body of Knowledge
The sustainability reporting body of knowledge includes globally important sustainable information disclosure rules, such as IFRS S1 and IFRS S2 published by the International Sustainability Standards Board (ISSB). The body of knowledge is divided into five topics, each of which contains some subtopics:
Topic 1: Introduction to Sustainable Development Report
- Global actions to address sustainable challenges: Sustainability concepts, United Nations Sustainable Development Goals, global progress on climate change, carbon trading and carbon markets.
- The purpose and benefits of sustainable development reports: Purpose, benefits, and expected users of sustainable development reports, the necessity of sustainable development reports, and the role of rating agencies in transparency and accountability of sustainable development reports.
- International and regional sustainability reporting: Major global sustainability reporting standards, differences between sustainability reporting and climate reporting, and sustainability reporting regulations in common jurisdictions.
- Regulatory requirements in Singapore: Sustainability reporting requirements, carbon emission measurement and reporting requirements of Singapore Accounting and Corporate Regulatory Authority and Singapore Exchange.
Topic 2: IFRS S1 Application
- Application of IFRS S1: IFRS S1 requirements, application of IFRS S1 to identify and disclose sustainable development risks and opportunities, available exemptions, requirements for judgments, uncertainties, and errors.
- Material evaluation: Concept, types, and differences of material evaluation, the impact on material and financial substance, the material differences between sustainable development reports and financial reports, and the use of material evaluation to determine sustainable development themes.
Topic 3: IFRS S2 Application
- Application of IFRS S2: Introduction and core content of IFRS S2 (governance, strategy, risk management, metrics and targets), how to conduct climate scenario analysis.
- The interoperability between IFRS S1, IFRS S2 and other international standards: Relationship between ISSB standards, GRI standards, TCFD framework and ESRS standards, and the differences between different sustainable disclosure standards.
- Climate Transition Plan: Introduction to climate transition plans, common climate transition frameworks and guidelines, how to develop climate transition plans, best practices for climate transition plans.
Topic 4: Application of Greenhouse Gas Protocol
- Scope 1 and Scope 2 Greenhouse Gas Emissions: Definition of Scope 1 and Scope 2 greenhouse gas emissions, measure emissions, and explain the challenges in collecting data.
- Scope 3 Greenhouse Gas Emissions: Definition of Scope 3 greenhouse gas emissions, development of Scope 3 measurement plans.
Topic 5: The Importance of Governance in Sustainable Development Reports and the Value and Business Cases of Sustainable Development Reports
- Good governance and its role: Responsibilities of the board of directors and senior management in sustainability reporting, best governance practices in sustainability reporting, principles and importance of good governance.
- Satisfy stakeholder requirements through reporting and disclosure: Sustainability not only highlights the value of compliance but also explores how sustainability can be seen as a market advantage and the importance of material disclosure to stakeholders.
- Preparing for sustainable reporting audits: Difference between limited and reasonable assurance, and the requirements for sustainable assurance.
For each topic and subtopic, the ACRA has provided references, which are various ESG regulatory policies and research reports for stakeholders to refer to.
Reference:
Singapore ACRA Launches Sustainability Reporting Body of Knowledge
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