1. IFRS
What is the disadvantage of own set of accounting standars? (2)
1. Does not create level playing field
2. It hampers internationally operating standards
Which companies need to use IFRS?
listed companies
Which standards do companies in NL need to use?
1. If it is a listed company - IFRS
1. If it is a non listed company - IFRS optional, Dutch GAAP also allowed
Potential causes which are increasing imnportance of sometimes unrecognized intangible assets (2)
1. R&D
2. Branding
3. Software
4. People
Which information do we need for sustainability information in general? (2)
1. The impact of sustainability risks and opportunities on the entity
2. The impact of the entity on its environment
Sustainability risks and opportunities may have financial impact: (4)
1. Regulations and permits may prohibit certain (planned) activities;
2. Lawsuits and penalties may make certain activiities loss making
3. Customers may ban certain products of companies altogether
4. Reputational risks may also affect other parties in the value chain
Which requirements for non-financial information are noted in the Annual Report
1. Remuneration management
2. Corporate governance
3. CBC reporting of tax payments
4. Sustainability information
5. Health and safety information
6. Diversity information
7. Inequality
Which initiatives have been taken in the past years? (5)
1. Corporate reporting:
2. Integrated reporting:
3. Global reporting initiative
4. Strategic report
5. CSRD
What is the difference between (1) multi stakeholder approach and (2) investor approach
1. Impact entity on environment, inside out, impact materiality
2. Impact environment on entity, outside in, financial materiality
Ps: impact entity on environment can have financial impact too and is also part of investor focus
What does the building approach of ISSB look like? (2)
1. Investor-focus, sustainability information material to enterprise value
2. Multi-stakeholder focus, sustainability information material to enterprise value
What does the structure of ISSB exposure drafts look like? (2)
1. IFRS S1 - General requirements for disclosure of sustainability-related financial information
2. IFRS S2 - Climate-related disclosures
What is the difference between compliance of IASB and ISSB?
1. Compliance with IFRS accounting standards from the IASB does not require compliance with IFRS
sustainability disclosure standards from the ISSB.
2. Compliance with ISSB standards doesn't mean
compliance with IFRS
How do the standards from IASB and ISSB affect each other?
Both may refer to management commentary for disclosures.