Non-financial corporate reporting: ASCG calls for international standards

The ASCG has submitted its position on the revision of the non-financial reporting requirements to the European Commission (COM).

In addition to answering the COM’s questionnaire, the ASCG has summarised its main views in a separate letter from the ASCG Administrative Board. In this letter, the ASCG stressed the need for nonfinancial reporting standards that are consistently applied around the globe and rejected the idea of European separate standards. The ASCG also supports the integration of financial and nonfinancial reporting and also an integrated conceptual framework, but warns urgently against undermining the IAS Regulation.

Further, the ASCG agrees that non-financial information should be confirmed by an independent expert. However, a robust judgement framework is necessary, against which the information can be assessed as being correct or not. The COM should consider this before imposing a mandatory full scope audit.

Details on this and further contents can be found in the copy of the questionnaire submitted and the letter from the ASCG Administrative Board.