The ESG (Environmental, Social, Governance) space is seeing significant developments, as California Governor Gavin Newsom announces a bill requiring companies with over $1 billion in annual revenue doing business in California to report climate-related disclosures from 2026, and over 60 ESG representatives gather for the ESG Symposium in New York.

AICPA & CIMA CEO Barry Melancon notes that the impact of California's new law will extend beyond the state due to the widespread business presence in California. ESG reporting is becoming a topic too important for corporations and CPA firms to overlook, with leaders from top 100 firms estimating ESG as a potential $100 million opportunity for their firms. AICPA's CEO of public accounting, Sue Coffey, emphasizes the excitement in the industry about the various opportunities for the profession in ESG. Melancon recognizes the controversy in the ESG space but stresses the profession's role in providing trusted advice and assurance for ESG reporting.

The symposium focuses not only on the "why" and "when" of ESG but also the "how," aiming to help firms develop strategies and service delivery plans for ESG advisory services. The regulatory landscape for ESG is becoming complex, but with global standards developing, there's an opportunity for more cohesive reporting compared to the historical evolution of financial reporting. For more information click the link!



https://www.journalofaccountancy.com/news/2023/sep/esg-symposium-synopsis-how-to-put-firms-in-drivers-seat.html