The International Federation of Accountants (IFAC) is calling upon global business leaders to improve corporate reporting of sustainability information and reject “siloed thinking.”
IFAC, representing 3 million accountants in over 130 countries, calls the connection between sustainability and financial information and processes an “integrated mindset,” which leads to better decision-making and communication with stakeholders, while lowering risk.
IFAC says the CFO and finance function, through a more integrated corporate reporting process, will provide an accurate picture of performance and value creation to the organization, its investors and other stakeholders.
“Sustainable value creation will not result from siloed thinking and information,” says IFAC CEO Kevin Dancey. “Enabling management and boards to make informed decisions and deliver decision-useful disclosure for investors requires breaking down functional silos and connecting information on sustainability, value creation and financial performance. Professional accountants are poised to deliver this integrated mindset, and we’re calling on all businesses to take action.”
IFAC’s Championing an Integrated Mindset to Drive Sustainable Value Creation highlights what it means to adopt an integrated mindset, why it is important and how it is achieved.