While everyone has heard of the Financial Standards Accounting Board (FASB), many did not know that the SASB is also in existence. The SASB is a non-profit organization founded in 2011 to develop and issue sustainability accounting standards.
Their website (http://www.sasb.org) has a tremendous amount of information on their work and the standards issued to date. There are 11 standards issued so far which address issues in different industries. For example, there is a financials standard addressing issues in the banking, insurance and brokerage fields and a non-renewable resources standard addressing the oil and gas, coal , metals and mining and construction industries .
They have a very impressive board lead by Michael Bloomberg, the former three term mayor of New York City who is the chairman, along with other notable individuals such as Robert Herz, former chairman of the FASB, Mary Schapiro, former chairwomen of the SEC, and Laura Tyson, who was the chair of the council of economic advisers during part of the Clinton administration.
Included in their website are mock 10-K filings public that companies could use as a sample reference. We will keep an eye on them to see how their impact grows!
To learn more about Aronson’s nonprofit team go here: http://www.aronsonllc.com/industries/nonprofit-accounting