Sustainable Transformation: 2023's Key Insights in Annual Reporting

Illustrative Annual Report 2023: Inspiring Confidence and Empowering Change

2023 is poised to be a pivotal year, catalyzing the transition towards a sustnable and equitable future. In PwC’s Global CEO Survey, many business leaders have acknowledged the imperative for transformation, embarking on initiatives that prioritize sustnability. Simultaneously, global developments in sustnability reporting are driving efforts to standardize how organizations communicate their impact on society and the environment in a consistent and comparable manner.

This year marks the introduction of two versions of our Illustrative Annual Report designed to enhance transparency and understanding for stakeholders. The revised edition categorizes material information systematically, emphasizing key risks and performance metrics that help users dissect an organization’s financial health and ethical conduct more effectively.

Three Key Areas of Focus in 2023

1. Sustnability Reporting:

   • ISSB Standards: In June 2023, the International Sustnability Standards Board ISSB released its groundbreaking standards for sustnability disclosure, focusing on IFRS S1 General Requirements for Disclosure of Sustnability-related Financial Information and IFRS S2 Climate-related Disclosures. These guidelines are applicable from annual periods starting January 1, 2024.

   • Singapore’s SRAC Proposal: The Sustnability Reporting Advisory Committee in Singapore has recommed mandatory climate disclosure reporting by listed companies beginning in 2025 and large non-listed companies by 2027, aligning with ISSB guidelines.

2. Insurance Contracts SFRSI17:

   • Transitional Impact: Effective for fiscal years starting January 1, 2023, SFRSI17 Insurance Contracts impacts not only traditional insurers but also non-insurers involved in contracts deemed as insurance under the new standard. This necessitates additional disclosures to enhance transparency regarding the impact of this regulatory change.

3. Income Taxes and ESG Integration:

   • New Disclosure Requirements: Financial reports beginning January 1, 2023, must now include information about income taxes and environmental, social, and governance ESG factors, in alignment with evolving standards that emphasize sustnability integration.

The Revised Structure of the Annual Report

Our updated version introduces an alternative presentation structure designed to simplify navigation through complex financial data. This includes:

• Enhanced Data Visualization: Utilizing advanced analytics for clear graphical representations that elucidate financial trs and impacts.

• Risk and Opportunity Framework: A structured approach highlighting areas of potential risk alongside opportunities for growth, facilitating strategic decision-making.

• Interactive Elements: Incorporating digital components that allow users to drill down into data, enhancing engagement and comprehension.

Contact Us

For any inquiries or collaboration requests related to our services, please connect with us through:

LinkedIn

• Marcus Lam, Executive Chrman, PwC Singapore

• Choo Eng Beng, Assurance Leader, PwC Singapore

• David Toh, Governance, Risk, Controls and Internal Audit Leader, PwC Singapore

Financial Reporting Services

• Voon Hoe Chen, Partner, Capital Markets and Accounting Advisory Services, PwC Singapore

• Yong Zen Yun, Corporate Reporting Services Leader, PwC Singapore

Sustnability Reporting ESG Leadership

• Eu-Lin Fang, Sustnability and Climate Change Practice Leader, Partner, PwC Singapore

• Kok Moi Lre, Asia ESG Assurance Leader, PwC Singapore

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