According to the report, legislators and large companies need to standardize and simplify carbon reporting and accounting for SME. As governments million businesses could be left behind if they don’t.
“SME represent about 90% of the world’s businesses and over 50% of global employment. So they, and the accountants who advise them, have an important role to play in tackling climate change. They need to know what to report, and standards need to be modest and focus on information that improves corporate governance. As with large companies, we need to avoid over-disclosure so that report users can easily access the information they need.” Says: Helen Brand OBE, Executive Director of ACCA
Helen Brand OBE (@ACCAHelenBrand), Chief Executive, ACCA is in Pakistan to participate in the third edition of @LeadersinISB, featuring thought leaders and policy makers from around the world. #ThinkAhead #LeadersInISB @ACCANews pic.twitter.com/H2e7wnCASE
— ACCA Pakistan (@ACCA_PK) March 13, 2019
Small and Medium Business Management Solutions
Small and medium-sized enterprises (SME), the backbone of the global economy. Risk being left behind in the race to net-zero if they do not act quickly to simplify their reporting. So, That’s according to a new report released by Sage. the market leader in cloud-based business management solutions.
- As governments and investors introduce more stringent emissions reporting requirements, many companies. – including many SME – will need to ensure that their suppliers are prepared to report their emissions.
- The report states that governments and legislators must recognize the particular challenges. and Burden faced by SME, such as lack of expertise and dedicated resources. to ensure accurate carbon reporting and accounting. and provide strong and responsive support to address these challenges.
- Large companies also need to work more closely with SME in their supply chains. And make it as easy as possible for them to measure report.
- So, Legislator and large a company standardize and simplify carbon reporting and accounting for SME. according to a new report from Think Small First.
Global Economy for Small and Medium Business
SME are the backbone of the global economy, and if they don’t move quickly to simplify carbon reporting. That’s according to a new report released by Sage. the market leader in cloud-based business management solutions. The International Chamber of Commerce (ICC) and the Association of Chartered Certified Accountant (ACCA). The Think Small First report states that a standardized reporting system for SME would go a long way toward eliminating net emission. So, As SME represent more than 90 per cent of the global economy.
- Face with increasingly stringent emission reporting requirement from government and investor. many companies, including many SME. Must ensure that their suppliers are prepared to report their emission.
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- The report state that government and legislator must recognize the specific challenges. And burdens faced by SME, such as the lack of expertise. and dedicated resource to ensure accurate carbon reporting and accounting, and provide strong and flexible support to address these issues.
- So, Large companies also need to work more closely with SME in their supply chains to make it as easy as possible for them to measure, report and reduce their GHG emissions.
Key integration principles to help legislators
- Standardization Large companies need to collaborate across sectors and industries to ensure. Governments have a role to play in ensuring this consistency. For example by coordinating when such information should be public.
- Simplification of much of the guidance on climate change. and ESG disclosure is aimed at large company. The government should develop simpler guidance. In addition, large companies wishing to collect data on their Scope 3 emissions. For example, should strive to simplify. and harmonize their procedures by focusing their requirements.
- Automation Government and business support the development of automated tools to make information collection. and reporting as easy as possible. Large companies can develop the technology. and where appropriate, provide training on these tools to SME. Governments should create a workable policy framework. and invest in digital infrastructure to enable SME to innovate. And share data more effectively.
- Create an enabling environment Government policy. and corporate actions must recognize the challenges faced by SME. and enable them to overcome them. Investing in reducing emissions in the supply for companies. So, Government should create a policy framework that considers small business.
“Small and medium-sized enterprises (SME) account for about 90 per cent of global business activity and over 50 per cent of global employment. They, and the accountants who advise them, therefore have a key role to play in tackling climate change. They need to know what to report and their standards need to be modest, focusing on information that will improve corporate governance. As with large companies, we need to avoid over-disclosure so that report users can easily access the information they need.” Says: Helen Brand OBE, Managing Director, ACCA