New non-financial accounting norms in the works, as ESG grabs centre stage

New non-financial accounting standards are being developed to incorporate Environmental, Social, and Governance (ESG) factors into corporate reporting. These norms aim to provide a comprehensive framework for companies to disclose their ESG-related activities and impact, promoting transparency and accountability. As ESG considerations become increasingly important for investors and stakeholders, these standards will help companies align their operations with sustainable practices. The move reflects the growing recognition of ESG factors in assessing corporate performance and their influence on long-term value creation.