1. Does information in a sustainability report meet the qualities of Relevance and Faithful Representation as...

1. Does information in a sustainability report meet the qualities of Relevance and Faithful Representation as identified in the Conceptual Framework?

Expert Solution

Sustainability reporting enables organizations to be more transparent about the functioning of the organizations, both internally and externally. It enables them to display all the relevant and material information to the stakeholders I their reports. Increased disclosures and transparency helps organization gain trust from its investors and stakeholders.

It shows the economic, environmental and social impacts of the working of organization on the society at large. The impact may be positive or negative but all the material disclosures have to be made to the public.

Benefits of Sustainable Reports which are same as characteristics of relevance and faithful representation in financial reports are as follows:

* comparability – It helps to compare performance between organizations and internal to organizations

* verifiability – IT helps in benchmarking and ensuring sustainability

* timeliness – It helps in Streamlining processes, reducing costs and improving efficiency in working of the organization

* understandability - Increased understanding of risks and opportunities for both outside stakeholders and internal parties

Sustainability reports have transparency, materiality, assurance in them. Therefore, information in a sustainability report meets the qualities of Relevance and Faithful Representation as identified in the Conceptual Framework

ekkarill92 answered 2 years ago

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