The Sustainability Accounting Standards Board (SASB) is an organization that focuses on developing and disseminating sustainability accounting standards. SASB provides a framework for companies to report on financially material sustainability information to investors. Key aspects of SASB’s requirements for ESG reporting include:
- Materiality Focus
- Industry-Specific Standards
- Integration with Financial Reporting
- Focus on Disclosure
- Communication with Investors
- Continuous Improvement
Companies considering SASB reporting should carefully review the specific standards relevant to their industry and engage in a thoughtful and transparent reporting process to meet the expectations of investors and stakeholders. Organizations may need to consider several documents when filing compliance with SASB including but not limited to:
- Annual Reports
- Sustainability Reports
- Financial Statements
- Proxy Statements
- Internal Documents
Mangodoc.ai provides several pre-built SASB templates for organizations to streamline the data collection and reporting process, making it more efficient to comply with SASB standards and other sustainability frameworks. The platform also provides the business analyst the ability to customize the template for its specific business processes and industry and collaborate with their colleagues and do a sanity check. The data can be cross-checked amongst multiple documents to ensure compliance and accurate reporting. While this expedites the mundane tasks in the reporting process for the analyst, it also provides a much needed audit trail.
Mangodoc.ai Industry Standards chatbot further allows organizations to do a quick review or keep up with newer mandates. Let’s not forget, that while SASB focuses on the financial materiality of ESG factors, other frameworks and standards, such as the Global Reporting Initiative (GRI) and Task Force on Climate-related Financial Disclosures (TCFD), address broader sustainability and climate-related issues. Many companies choose to use a combination of these frameworks to provide a comprehensive view of their ESG performance. Priced to compete with minimum wage, wouldn’t you prefer to use Mangodoc.ai to ease the burden of compliance reporting?
