The Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) is hosted by the United Nations Conference on Trade and Development (UNCTAD). Created in 1982 by the United Nations Economic and Social Council (ECOSOC). [1] , its mission is to facilitate investment, development and economic stability by promoting good practices in corporate transparency and accounting.
The Working Group holds its annual sessions and workshops at the United Nations Office at Geneva, Switzerland, with several hundred delegates attending from more than half of the UN member states. Participants include policymakers, regulators, and representatives from academia, civil society, private industry and various national, regional and international accountancy organizations.
ISAR is focused on a number of areas of financial and non-financial corporate reporting, including:
The ISAR Honours initiative recognizes policy, institutional and capacity-building efforts of different stakeholders that encourage and assist enterprises to publish data on their contribution to the implementation of 2030 Agenda for Sustainable Development, and facilitate dissemination of good practices in this area. [2]
The ISAR Group of Experts produces a number of research and voluntary guidance documents. Each year, UNCTAD publishes ISAR's latest research papers in the annual review International Accounting and Reporting Issues . The work of ISAR is freely available for download from the UNCTAD website. The research and guidance documents are also widely distributed through on-the-ground workshops and training programmes around the world.
Voluntary guidance publications include:
Corporate governance is the collection of mechanisms, processes and relations by which corporations are controlled and operated. Governance structures and principles identify the distribution of rights and responsibilities among different participants in the corporation and include the rules and procedures for making decisions in corporate affairs. Corporate governance is necessary because of the possibility of conflicts of interests between stakeholders, primarily between shareholders and upper management or among shareholders.
Corporate social responsibility (CSR) is a type of international private business self-regulation that aims to contribute to societal goals of a philanthropic, activist, or charitable nature or by engage in or support volunteering or ethically-oriented practices. While once it was possible to describe CSR as an internal organisational policy or a corporate ethic strategy, that time has passed as various international laws have been developed and various organisations have used their authority to push it beyond individual or even industry-wide initiatives. While it has been considered a form of corporate self-regulation for some time, over the last decade or so it has moved considerably from voluntary decisions at the level of individual organisations, to mandatory schemes at regional, national and international levels.
Governance comprises all of the processes of governing – whether undertaken by the government of a state, by a market or by a network – over a social system and whether through the laws, norms, power or language of an organized society. It relates to "the processes of interaction and decision-making among the actors involved in a collective problem that lead to the creation, reinforcement, or reproduction of social norms and institutions". In lay terms, it could be described as the political processes that exist in and between formal institutions.
The African Peer Review Mechanism (APRM) is a mutually agreed instrument voluntarily acceded to by the member states of the African Union (AU) as a self-monitoring mechanism. It was founded in 2003.
The Global Reporting Initiative is an international independent standards organization that helps businesses, governments and other organizations understand and communicate their impacts on issues such as climate change, human rights and corruption.
The United Nations Department of Economic and Social Affairs is part of the United Nations Secretariat and is responsible for the follow-up to major United Nations Summits and Conferences, as well as services to the United Nations Economic and Social Council and the Second and Third Committees of the United Nations General Assembly. UN DESA assists countries around the world in agenda-setting and decision-making with the goal of meeting their economic, social and environmental challenges. It supports international cooperation to promote sustainable development for all, having as a foundation the 2030 Agenda for Sustainable Development and the 17 Sustainable Development Goals (SDGs) as adopted by the UN General Assembly on 25 September 2015. In providing a broad range of analytical products, policy advice, and technical assistance, UN DESA effectively translates global commitments in the economic, social and environmental spheres into national policies and actions and continues to play a key role in monitoring progress towards internationally agreed-upon development goals. It is also a member of the United Nations Development Group.
The King Report on Corporate Governance is a booklet of guidelines for the governance structures and operation of companies in South Africa. It is issued by the King Committee on Corporate Governance. Three reports were issued in 1994, 2002, and 2009 and a fourth revision in 2016. The Institute of Directors in Southern Africa (IoDSA) owns the copyright of the King Report on Corporate Governance and the King Code of Corporate Governance. Compliance with the King Reports is a requirement for companies listed on the Johannesburg Stock Exchange. The King Report on Corporate Governance has been cited as "the most effective summary of the best international practices in corporate governance".
The United Nations-supported Principles for Responsible Investment (PRI) is an international network of investors working together to put the six principles into practice. Its goal is to understand the implications of sustainability for investors and support signatories to incorporate these issues into their investment decision-making and ownership practices. In implementing the Principles, signatories contribute to the development of a more sustainable global financial system.
Sustainability accounting was originated about 20 years ago and is considered a subcategory of financial accounting that focuses on the disclosure of non-financial information about a firm's performance to external stakeholders, such as capital holders, creditors, and other authorities. Sustainability accounting represents the activities that have a direct impact on society, environment, and economic performance of an organisation. Sustainability accounting in managerial accounting contrasts with financial accounting in that managerial accounting is used for internal decision making and the creation of new policies that will have an effect on the organisation's performance at economic, ecological, and social level. Sustainability accounting is often used to generate value creation within an organisation.
The Centre for Financial Reporting Reform (CFRR), part of the World Bank’s Governance Global Practice, works with client countries in Europe and Central Asia to implement good corporate governance and financial reporting practices and standards.
Sustainability standards and certifications are voluntary, usually third party-assessed, norms and standards relating to environmental such as IFGICT Standard, social, ethical and food safety issues, adopted by companies to demonstrate the performance of their organizations or products in specific areas. There are over 400 such standards across the world. The trend started in the late 1980s and 90s with the introduction of Ecolabels and standards for Organic food and other products. Most standards refer to the triple bottom line of environmental quality, social equity, and economic prosperity. A standard is normally developed by a broad range of stakeholders and experts in a particular sector and includes a set of practices or criteria for how a crop should be sustainably grown or a resource should be ethically harvested. This might cover, for instance, responsible fishing practices that don't endanger marine biodiversity, or respect for human rights and the payment of fair wages on a coffee or tea plantation. Normally sustainability standards are accompanied by a verification process - often referred to as "certification" - to evaluate that an enterprise complies with a standard, as well as a traceability process for certified products to be sold along the supply chain, often resulting in a consumer-facing label. Certification programmes also focus on capacity building and working with partners and other organisations to support smallholders or disadvantaged producers to make the social and environmental improvements needed to meet the standard.
The United Nations Guidelines for Consumer Protection (UNGCP) are "a valuable set of principles for setting out the main characteristics of effective consumer protection legislation, enforcement institutions and redress systems and for assisting interested Member States in formulating and enforcing domestic and regional laws, rules and regulations that are suitable to their own economic and social and environmental circumstances, as well as promoting international enforcement cooperation among Member States and encouraging the sharing of experiences in consumer protection."
Voluntary disclosure is the provision of information by a company's management beyond requirements such as generally accepted accounting principles and Securities and Exchange Commission rules, where the information is believed to be relevant to the decision-making of users of the company's annual reports.
Ecodesk is an cloud based data platform used by corporate businesses to track, monitor and report their ESG data.
The Pearl Initiative is a non-profit organisation founded in 2010 in cooperation with the United Nations Office for Partnerships. The organisation was formed by prominent business leaders from across the Gulf Region to improve and promote higher standards in corporate governance, accountability and transparency as key drivers of competitiveness and sustainable economic growth across the region's private sector. The Pearl Initiative facilitates the interaction between students and business leaders as part its remit. It collaborates with regional universities to supplement the academic education of students with practical knowledge and experience with respect to ethical conduct and the implementation of corporate governance.
The Climate Disclosure Standards Board (CDSB) is a non-profit organization working to provide material information for investors and financial markets through the integration of climate change-related information into mainstream financial reporting. CDSB operates on the premise that investors and financial institutions can make better and informed decisions if companies are open, transparent and analyse the risks and opportunities associated with climate change-related information. To this end, CDSB acts as a forum for collaboration on how existing standards and practices can be used to link financial and climate change-related information using its Framework for reporting environmental information, natural capital and associated business impacts.
The Union for Ethical BioTrade (UEBT) is a nonprofit association that promotes the "Sourcing with Respect" of ingredients that come from biodiversity. Members commit to gradually ensuring that their sourcing practices promote the conservation of biodiversity, respect traditional knowledge and assure the equitable sharing of benefits all along the supply chain, following the Ethical BioTrade Standard. Members also commit to the UEBT verification system, which includes undergoing independent third party verification against the Ethical BioTrade Standard, developing a work-plan for gradual compliance for all natural, as well as the commitment to continuous improvement once compliance is achieved.
India's National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business (NVGs) were released by the Ministry of Corporate Affairs (MCA) in July 2011 by Mr. Murli Deora, the former Honourable Minister for Corporate Affairs. The national framework on Business Responsibility is essentially a set of nine principles that offer businesses an Indian understanding and approach to inculcating responsible business conduct.
The Division on Investment and Enterprise (DIAE) is a research and policy practice centre of the United Nations Conference on Trade and Development (UNCTAD) whose work focuses on investment and enterprise with a particular view on development. The Division's overarching mandate is to steer sustainable development and inclusive growth objectives through investment and enterprise development, productive capacity-building, industrialization and economic diversification. Its work programme is tailored to serve all UN member States, with a particular emphasis on the needs of least-developed and other structurally weak and vulnerable economies.
Social accounting is the process of communicating the social and environmental effects of organizations' economic actions to particular interest groups within society and to society at large. Social Accounting is different from public interest accounting as well as from critical accounting.