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May 10, 2013

SASB launches consultation on financial sector standards

The US Sustainability Accounting Standards Board (SASB) has launched a consultation on its proposed sustainability accounting standards for the financial sector.

SASB said the purpose of the draft was to get feedback on the proposed set of material sustainability issues and accounting metrics, which will help form the basis of recommended sustainability disclosures that US publicly listed companies would then include in their annual reports.

The financial sector covers seven industries, which are asset management and custody activities, investment banking and brokerage, commercial banking, consumer finance, mortgage finance, security and commodity exchanges as well as insurance.

The standard setter is also addressing two specific questions in its proposals: Are the sustainability issues material to a reasonable investor? And how costly would it be for companies to collect, analyse, and report information required for the proposed accounting metrics?

The deadline for comment is 14 June.

Related links

Sustainability Accounting Standards Board: financial sector consultation

Sustainability Accounting Standards Board

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