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December 2022

Sustainability Reporting and Assurance

By Deepa Agarwal, Chartered Accountant
Reading Time 19 mins
INTRODUCTION

Sustainability Reporting is an evolving discipline encompassing the disclosure and communication of an entity’s non-financial - environmental, social, and governance (ESG) performance and its overall impact. Over the last few years, more and more entities are preparing and disclosing their sustainability reports either under a mandate or voluntarily as per the reporting frameworks/standards provided by various standard-setting bodies/regulators. Sustainability reporting will only be useful if it is of sufficient quality, and the stakeholders understands and trust the framework.

India is one of the early adopters of sustainability reporting for listed entities amongst its various other global peers1. In 2012, requirement of Business Responsibility Report (BRR) containing ESG disclosures was introduced for adoption by listed entities. SEBI introduced the requirements for sustainability reporting in May 2021. The new report is called the Business Responsibility and Sustainability Report (BRSR), with nine principles covering both environmental and social aspects such as climate action. SEBI has mandated the Top 1,000 listed companies (by market capitalisation) to provide such disclosures from F.Y. 2022-23 onwards as part of their Annual Reports (voluntary basis for F.Y. 2021-22). Th
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