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Carungu, Jonida (2025) Bridging financial and sustainability reporting: a study of the ISSB and EFRAG agendas. Collana di "studi di ragioneria e di economia aziendale" CREA. Serie monografie, 93 . Wolters Kluwer, Milano (Italy). ISBN 9788813390020
The evolving landscape of corporate reporting has brought financial and sustainability disclosures into closer dialogue than ever before. The growing convergence between these two domains calls for a deeper exploration of their conceptual foundations, regulatory frameworks, and practical implications. This book, “Bridging Financial and Sustainability Reporting: A Study of the ISSB and EFRAG Agendas”, aims to respond to that need.
I decided to write this book to offer an integrated perspective on the current developments shaping the future of corporate reporting, particularly through the lenses of two key standard=setting bodies: the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG). My academic journey and professional experiences have consistently focused on the intersection of financial and non-financial disclosure, and this book reflects my ongoing commitment to understanding and explaining the impact of regulation and conceptual evolution in these areas. This book aims to contribute to the academic and professional understanding of how financial and sustainability reporting are becoming increasingly interdependent. Through examination of the ISSB and EFRAG agendas, I aim to offer insights, reflections and recommendations that support researchers, practitioners and policy makers in navigating this complex and dynamic field.
The first chapter offers an introduction to sustainability accounting and the need for sustainability reporting together with traditional financial reporting. It discusses the evolution of sustainability accounting, emphasizing the changing informational needs of investors and other stakeholders. This chapter concludes by highlighting the need for connectivity as a strategic priority of IASB-ISSB and EFRAG FR- EFRAG SRB.
Chapter II presents the history of accounting standardization, starting with the International Accounting Standards Board (IASB) and transitioning to the formation of the International Sustainability Standards Board (ISSB). It highlights the European Union’s adoption of IFRS and the challenge of achieving international harmonization. The chapter also details the ISSB’s role in developing global sustainability standards and the integration of its work with the IASB’s framework. Chapter III provides a comprehensive overview of the European Financial Reporting Advisory Group (EFRAG) and its evolving role in shaping sustainability reporting standards in Europe. It discusses the launch of the Corporate Sustainability Reporting Directive (CSRD) and the development of the European Sustainability Reporting Standards (ESRSs). The chapter also explores EFRAG’s efforts to enhance connectivity within the European context of sustainability reporting. Chapter IV focuses on the cooperation between ISSB and EFRAG’s agendas. It presents a thematic analysis of a documentary analysis performed on both organizations’ approaches to integration. Also, the potential implementation of Integrated Reporting (IR) as a unifying framework for the integration in reporting is critically discussed. The chapter debates the adoption and effectiveness of IR in bridging financial and non-financial reporting. The concluding chapter reflects on the key findings of the book, providing the challenges and opportunities in bridging financial and sustainability reporting. It highlights the importance of collaboration across business functions and the need for robust and coherent (“alignment between standard”) standards. The chapter concludes by offering a detailed research agenda that defines key avenues for future investigation. This agenda is framed within the evolving regulatory context shaped by the CSRD, the Omnibus Directive, and international standard-setting efforts, with a view to guiding scholars, practitioners, and policymakers in enhancing the effectiveness, credibility, and impact of integrated corporate disclosure.
Acknowledgments
I would like to express my sincere gratitude to the Department of Business and Law (University of Siena) for their generous support in the publication of this volume. My heartfelt thanks go to Professor Roberto Di Pietra for his continuous encouragement and invaluable guidance throughout my academic journey. I would like to extend my sincere thanks to Professor Federico Barnabè, Director of the series “Studi di Ragioneria e di Economia Aziendale. Serie Monografie” for his immense support of this publication. I am also grateful to the entire team at CEDAM Wolters Kluwer for their prompt editorial support. A warm thank you to Professor Matteo Molinari (University of Bergamo) for his insightful feedback on this work and for motivating and inspiring me during the writing process. I am especially grateful to the anonymous reviewers for their time and constructive comments and suggestions. Finally, I would like to thank all those who have contributed to my academic journey and supported me every step of the way. A special thank you goes to my co-authors, research teams, and the wonderful colleagues at London Metropolitan University. JONIDA CARUNGU
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