Chapter 2 Flashcards
What are the limitations of financial statements?
Historic
Accruals
Financial information fails to give the full picture
Three key perspectives according to GRI’s sustainability reporting standards
Economic
Environmental
Social
What are the three parts of the GRI standards?
Universal standards
Sector Standards
Topic standards
What are the three universal standards?
Foundation
General disclosures
Material topics
What are the eight reporting principles?
Accuracy
Clarity
Completeness
Timeliness
Balance
Comparability
Sustainability Context
Verifiability
What are the sector standards?
GRI 11 - Oil and Gas
GRI 12 - Coal
GRI 13 - Agriculture, Aquaculture and fishing
What are the topic standards?
200 Series - Economic
300 Series - Environmental
400 Series - Social
What is the objective of IR?
Create a more holistic and balanaced view of the company
Three fundamental concepts underpinning intergrated reporting
Value creation for the organisation and for others
The capitals
Value creation process
What are the six capitals?
Financial
Manufactured
Intellectual
Human
Social and Relationship
Natural capitals
What are guiding principles?
Underpin the preparation of an IR, informing the content of the report and how information is presented
What are content elements?
Key categories of information required to be included in an IR under the framework
What are the severn guiding principles?
Strategic focus and future orientation
Connectivity of information
Stakeholder information
Materiality
Conciseness
Reliability and Completeness
Consistency and comparability
What are the eight content elements?
Organisational overview and external environment
Governance
Business model
Risks and ops
Strategy and resource allocation
Outlook
Basis of preparation and presentation
What was the UN 15 year plan?
End extreme poverty, fight inequality and injustice, and to protect the planet
