The 2021 State of the Environment report was dire in regards to our ecosystem, and CPA Australia are imploring Australian businesses to step up and do more, starting with ‘Integrated reporting’, through which business owners can measure their individual impacts.
Since 2016, 202 additional plant and animal species have been added to the threatened list and Australia has lost more mammal species to extinction than any other continent. We are now home to more foregin species of plant than native ones, and marine heatwaves continue to cause excessive coral bleaching.
So why are Accountants weighing in?
According to Andrew Hunter, CPA Australia’s Chief Executive, Integrated reporting is one of the most crucial elements that we can be adopting. Integrated reporting combines financial and non-financial factors, such as environmental, social and governance (ESG) considerations. It is a way for businesses to show that they are putting their money where their mouth is.
“Taking a responsible, long-term approach to value creation in an increasingly uncertain world is crucial”, says Mr Hunter.
Long-term value, without doubt, is going to be created through both financial and non-financial indicators. Further, there are community, nation-wide and global expectations about the impact that a business has and how they are working towards mitigating it.
YBM fully supports action by businesses to work towards long-term sustainability. Transparency beyond what is typically required is one of the many ways that we can strive forward and make considerable change.
If you would like to explore baseline and ongoing ESG reporting, both in the Corporate and Ag space, please contact us and we can provide you with some contacts.