MUMBAI: The latest installment of ACCA’s sustainability reporting series is Sustainability Reporting: Risk and Materiality, which takes a practical approach to helping businesses determine material information for sustainability reporting.

Author Aaron Saw, head of corporate reporting insights – financial, at ACCA said: “Many organizations have siloed management and reporting of financial and sustainability-related matters. As a result, they don’t realize they already have access to insights they need for reporting. To streamline cost and effort and to produce connected information, it makes sense to leverage existing risk-management processes to identify and manage sustainability-related risks and opportunities.”

The article sets out three steps to determine the material information to be disclosed:

• Identify the organization’s sustainability-related risks and opportunities (SRROs)
• Assess whether SRROs could affect the organization’s prospects
• Determine material information for disclosure

Each step is supplemented with illustrative, anonymized real-life examples to inspire our community of accountants, finance, and business professionals to learn, adapt, and improve their approaches to identifying and communicating risks and opportunities.

Given the severe operational disruptions that weather-related events are causing many businesses, the examples featured are biased toward climate-related risk. Small and medium-sized entities (SMEs) also feature in the examples to demonstrate how smaller organizations approach reporting.

The article emphasizes the importance for organizations to take a holistic approach in creating and communicating material information about their SRROs and recommends all organizations to:

• Allocate resources to start identifying SRROs arising from the resources and relationships in the value chains on which they depend and those that their activities would affect.
• Provide the most relevant sustainability-related information they can and continue to improve the reporting process over future reporting cycles.
• Use knowledge and expertise gained in determining material information in one reporting cycle to improve the communication of material information in the following cycle.

Aaron Saw concludes: ‘We encourage everyone to work collaboratively with peers in the same industry, or within the same value chain. In this way, we can further refine the approach to identifying SRROs, manage the risks or realize identified opportunities, measure the relevant metrics, and provide better information to support decision-making.’

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MUMBAI: A new guide from ACCA (the Association of Chartered Certified Accountants) recognizes the vital role SMEs play in the value chains of all organizations globally. Entitled ‘Sustainability reporting – SME guide’, it supports them in creating the sustainability-related information that regulators and stakeholders increasingly demand.

Sundeep Jakahar, head of public affairs – India at ACCA said: “In India, where SMEs constitute a significant portion of the business landscape, the adoption of sustainability practices is crucial. SMEs in India face unique challenges such as limited access to resources and capital. However, sustainability reporting can unlock numerous benefits for them, including access to new markets and better financing opportunities. For Indian SMEs, this could mean improved competitiveness on a global scale, aligning with international standards and expectations.”

Report co-author Sharon Machado, head of sustainable business at ACCA commented: “The creation and use of sustainability-related information helps SMEs, their advisers and stakeholders to see and take advantage of their opportunities and manage their risks. This will put SMEs in a much stronger position financially – making it easier to attract investment and obtain preferential terms of trade with suppliers. In the battle for talent, it will help them recruit and retain high-caliber employees.”

As the demand for sustainability-related information increases, all organizations must be ready to provide information related to their approach and progress in managing sustainability-related risks and opportunities. This demand extends beyond the organization to its value chain and comes from regulators, investors, and many other stakeholders. SMEs are in scope because they comprise 90% of all organizations globally, and so is an essential part of the value chain.

The enablers to better business that result from communicating and using sustainability-related information may help SMEs gain new competitive advantage.

Report co-author Aaron Saw, head of corporate reporting insights – financial at ACCA, said: “Although SMEs may consider these demands challenging, especially at times of significant financial pressure, evidence suggests the effort is justified. Therefore, we encourage all SMEs to take small first steps and do what’s possible in communicating sustainability-related information with a view of becoming better businesses.”

The guide is the latest installment in a series of sustainability reporting guides from ACCA. Read the guide here and visit our sustainability reporting hub here.

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As a part of this service, the Goethe-Institut / Max Mueller Bhavan along with the aid of the European Union will provide free guidance to all prospective professionals and spouses of German residents who are looking at relocating to Germany. All one needs to do is register with the Goethe- Institut / Max Mueller Bhavan Pune for the service. Pre-departure guidance and counseling will be provided on topics like working in Germany, visa processes, education for children, employment opportunities, cultural know-how, language and examination support, and so on. The idea is to make the transition process smooth and ease out all the processes required during the transition phase until entry into the integration offers in Germany. Once there, immigrants will be able to avail the integration services of the local Goethe-Institut.

This advice and guidance is provided through in-person meetings, online, by phone, and by email, and through various seminars, information events workshops, and intercultural training sessions. Some content is also made available through online video series and print material.

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Now, getting your head around GHS can seem scary – but don’t sweat it! OSHA’s got some handy Hazard Communication Standards that act as our guidebook here. Read along with us; we’ll help you figure out how to work through all of its ins and outs safely.

Understanding the Global Harmonization System (GHS)

The Global Harmonization System (GHS) is like the boss of chemical systems. It unifies how we classify, label, and understand safety data sheets for chemicals everywhere in the world—created by no one less than our friends at the United Nations! 

Goodbye to different hazard systems causing chaos globally—we’re talking about a single system now that’s easy to use anywhere you go. This helps everyone get what these slick substances can do (the good and bad), smooth out regulations worldwide, and even makes trading easier between countries.

OSHA’s Role in Implementing GHS

Meet OSHA, the key player bringing GHS into action in America. They’ve jazzed up their Hazard Communication Standard (HCS) to match with GHS, making things a whole lot easier for employers and helping us understand work hazards better. 

The objective is to make sure workers are safer! How do we get there? By turning cumbersome chemical safety info into easy-to-digest knowledge tidbits.

How OSHA’s Hazard Communication Standard Aligns With GHS

OSHA’s Hazard Communication Standard (HCS) just got a bit of a makeover to align closer with GHS. Now, it uses the same playbook as GHS for sorting out health and physical dangers, along with packaging all this hazard info in labels and safety data sheets that actually make sense! 

These tweaks mean employers can keep their workplaces safer. This ensures everyone on the team knows how to deal smartly with any nasty chemical surprises they might bump into at work.

Navigating GHS: Key Steps for Employers

Employers need to follow a few key steps when dealing with GHS. First, they must figure out what chemical nasties are lurking around their workplace and categorize them accordingly. Once that’s done, it’s time to share the lowdown on safety using labels stuck onto containers and handy Safety Data Sheets (SDSs). 

Regular workshops showing workers how to read these rainbows of information are pretty important too! Plus, employers should keep an eye peeled for any new twists in OSHA rules – just so everything stays above board according to standards.

Conclusion

So, GHS is important because it helps us be safe and communicate when dealing with chemicals worldwide. OSHA’s Hazard Communication Standard gave us a nifty roadmap to work this system out while upping safety measures and ensuring everyone follows the rules. 

Any businesses handling hazardous stuff need to grasp these guidelines like yesterday. It’s their key to keeping workers (and our planet) in good shape!

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