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Sustainability Accounting Standards Board

Sustainability Accounting Standards Board
FoundedJuly 2011
FounderJean Rogers
TypeNon-profit organization
FocusSustainability accounting, Environmental, social and corporate governance
Location
Websitewww.sasb.org

The Sustainability Accounting Standards Board (SASB) is a non-profit organization, founded in 2011 by Jean Rogers[1] to develop sustainability accounting standards. Investors, lenders, insurance underwriters, and other providers of financial capital are increasingly attuned to the impact of environmental, social, and governance (ESG) factors on the financial performance of companies, driving the need for standardized reporting of ESG data. Just as the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have established International Financial Reporting Standards and Generally Accepted Accounting Principles (GAAP), respectively, which are currently used in the financial statements, SASB's stated mission “is to establish industry-specific disclosure standards across ESG topics that facilitate communication between companies and investors about financially material, decision-useful information. Such information should be relevant, reliable and comparable across companies on a global basis.”[2]

SASB standards are used by companies around the world in a variety of disclosure channels, including their annual reports, financial filings, company websites, sustainability reports, and more.[3]

In June 2021, the SASB and the London-based International Integrated Reporting Council announced their combination to form the Value Reporting Foundation (VRF).[4] In November 2021, the IFRS Foundation announced it would consolidate the VRF and Climate Disclosure Standards Board with its own newly formed International Sustainability Standards Board (ISSB) by June 2022.[5] This was completed by August 2022, when all the open SASB Standards projects were transitioned to the ISSB.[6]

  1. ^ http://iri.hks.harvard.edu/files/iri/files/from_transparency_to_performance_industry-based_sustainability_reporting_on_key_issues.pdf [bare URL PDF]
  2. ^ "Governance". Sustainability Accounting Standards Board. Retrieved 2020-06-04.
  3. ^ "More than 100 companies using SASB standards". www.irmagazine.com. Retrieved 2020-06-04.
  4. ^ "IIRC and SASB officially merge". iasplus.com. 10 June 2021.
  5. ^ "IFRS Foundation announces International Sustainability Standards Board, consolidation with CDSB and VRF, and publication of prototype disclosure requirements". ifrs.org. 3 November 2021.
  6. ^ "Answering your top five questions about the ISSB and SASB Standards". SASB. 2022-07-28. Retrieved 2023-01-04.

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