Volition LLP

Limited Assurance vs Reasonable Assurance

Volition LLP — Sun, 03 Mar 2024 17:31:15 +0000

Limited assurance vs reasonable assurance

SEBI mandated assurance of BRSR for companies in phases. We help you understand the types of assurances & differences – reasonable assurance & limited assurance.

Where the client and the practitioner establish that an assurance service is being sought, ISAE 3000 (Revised) provides two options; reasonable assurance and limited assurance.

For a reasonable assurance engagement the practitioner needs to reduce the assurance engagement risk (the risk that an inappropriate conclusion is expressed when the information on the subject matter is materially misstated) to an acceptably low level as the basis for a positive form of expression of the practitioner’s conclusion. Such risk is never reduced to nil and therefore, there can never be absolute assurance.

For a limited assurance engagement the practitioner collects less evidence than for a reasonable assurance engagement but sufficient for a negative form of expression of the practitioner’s conclusion. The practitioner achieves this ordinarily by performing different or fewer tests than those required for reasonable assurance or using smaller sample sizes for the tests performed.

The practitioner uses the same risk basis for planning their work and the same levels of materiality in evaluating the outcome of tests for reasonable and limited assurance engagements. Since the extent of evidence collected for a limited assurance engagement may be limited due to the reduced sample sizes and test coverage adopted, the level of risk of material misstatement remaining is potentially higher than in a reasonable assurance engagement. Hence, the practitioner is not in a position to express the same degree of confidence as in a reasonable assurance engagement.

The conclusion in a limited assurance engagement is accordingly framed in a negative sense: “Based on the procedures performed, nothing came to our attention to indicate that the management assertion on XYZ is materially misstated.” In contrast with a reasonable assurance conclusion which would be formed in a positive sense, i.e.: “Based on the procedures performed, in our opinion, the management assertion on XYZ is reasonably stated.”

Practitioners may be familiar with the limited nature of the work performed in relation to a published review opinion for listed company half-year financial statements. The half-year review is an example of a limited assurance engagement that is conducted by the company’s auditor under ISRE 2410.

These reviews are ordinarily based on inquiry of management and analytical procedures. Analytical procedures typically involve the comparison of actual information against the expectations formed based on the prior year and industry average. The limited nature of the work is justified because the practitioner has a base of history with the client’s previous financial statement audit and an understanding of the client’s control environment which generally helps the practitioner to determine the reliability of the information produced by management.

While there are certain parallels between half-year reviews and other limited assurance engagements conducted under ISAE 3000 (Revised), there are also differences.

Half-year review of financial statements

The half-year review is a defined concept in relation to a clearly defined subject matter, i.e. the financial statements, and for which there is an expectation of a strongly defined internal control environment appropriate for the size and complexity of the client, structure through accounting practices, double entry book-keeping and other checks and balances required by company law and regulation.

The company’s auditor will have obtained a sound understanding of these matters and conducted recent tests of controls and substantive procedures as part of the annual audit. This background therefore reduces the need for detailed tests beyond inquiry, analytical review and other procedures of limited nature.

Limited assurance over non-financial information

In contrast, a non-financial limited assurance engagement may tackle a subject matter which is less well defined and for which the control environment is far less mature and robust. For example, the calculation of a company’s carbon footprint may have been performed by an individual and the results collected on a spreadsheet and supported by files of memorandum information.

The subject matter information is unlikely to be extracted from a double entry bookkeeping system, reducing the possibility of obtaining cumulative evidence through directional testing. Moreover the relationships, if any, between the non-financial subject matter and trends in other internal and external information sources may not have been identified. Accordingly, the comfort the practitioner can obtain from analytical review alone may be greatly reduced.

	INTERIM REVIEW OF FINANCIAL INFORMATION	LIMITED ASSURANCE OVER NON-FINANCIAL INFORMATION
Comfort sought	As interim review has become standard practice for some entities, stakeholders expect a consistent level of comfort from review reports.	ISAE 3000 (Revised) is intended to allow greater flexibility for the preparer, user and assurance provider to agree what level of comfort is relevant to the purpose of the information. ISAE 3000 (Revised) limited assurance reports can convey a wider range of levels of comfort.
Nature of applicable standards	ISRE 2410 is relatively prescriptive, including details of enquiries to be made, tests to be performed and tests that are not usually necessary.	ISAE 3000 (Revised) is intended to be applicable to a broad range of subject matters and levels of comfort therefore the standard cannot be prescriptive.
Reporting framework/basis of preparation/criteria	GAAP is well-established, relatively consistently applied and familiar to the auditor.	Basis of preparation may be newly developed, developed in-house by the entity, not may be unlike others encountered by the assurance practitioner.
Information systems	A double-entry accounting system, over which the auditor may have already obtained comfort. Likely to integrated with and reconcilable to other information systems within the entity.	May be manual and one-sided. May not be integrated with or reconcilable to other information systems within the entity.
Trends and relationships in subject matter information	Likely to be well-observed and understood, including relationships with external data sources, allowing persuasive trend analysis and other substantive analytical review.	May not have been observed for long or at all, and/or may not be understood. Trend analysis and other substantive analytical review may be unpersuasive or not possible at all.

The concept of limited assurance allows the assurance provider to accept engagements that provide a range of potential levels of comfort to users of the resulting assurance reports. The only restrictions are that limited assurance should deliver a lower level of comfort than reasonable assurance and that the level of comfort provided should be meaningful.

Because a limited assurance report could represent such a range of levels of comfort, it can be much more important for the assurance practitioner to:

ensure there is a good shared understanding of the scope of work agreed with the responsible party and/or users;
document the scope of work in an appropriate level of detail in the terms of engagement; and
describe the work performed in a plain English in the assurance report.

Reference: The Institute of Chartered Accountants in England and Wales (ICAEW)

BRSR, Core BRSR, BRSR Assurance, Reasonable Assurance, Limited Assurance, SEBI

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Benefits of GCC – Global Capability Center Services

Volition LLP — Fri, 26 Jan 2024 10:57:28 +0000

Benefits of GCC (Global Capability Center Services)

Global Capability Centers (GCCs) are strategic units established by multinational corporations to leverage talent, drive innovation, and enhance operational efficiency in key locations worldwide. These centers serve as hubs for delivering a wide range of specialized services, supporting various business functions across diverse industries.

Key Services Offered by Our Global Capability Centers

1. Business Process Outsourcing (BPO)

GCC offer comprehensive BPO services spanning finance and accounting, human resources, procurement, customer service, and more. Leveraging advanced technologies and skilled professionals, GCCs streamline processes, optimize costs, and enhance service quality for their parent companies.

2. Shared Services

GCCs serve as centers of excellence for shared services, delivering centralized support functions including finance and accounting, HR operations, IT support, procurement, legal services, and compliance. Through standardized processes and scalable service delivery models, GCCs enhance operational efficiency and drive cost savings for their parent organizations.

Benefits of Global Capability Center Services

Cost Efficiency

By leveraging skilled talent pools in strategic locations, GCCs offer cost-effective solutions compared to traditional in-house operations or outsourced services.

Access to Global Talent

GCCs provide access to diverse talent pools with specialized skills, language proficiency, and cultural understanding, enabling companies to meet evolving business requirements and expand their global footprint.

Innovation and Agility

GCCs foster a culture of innovation, collaboration, and continuous improvement, driving agility and enabling companies to adapt quickly to market changes and emerging technologies.

Risk Mitigation

GCCs help mitigate operational and regulatory risks by ensuring compliance with international standards, data security protocols, and regulatory requirements in different geographies.

Strategic Alignment

GCCs align with the strategic objectives of their parent organizations, supporting growth initiatives, market expansion, and value creation through tailored services and solutions.

Volition’s Strategic Approach of Setting up GCCs

Volition specializes in setting up GCCs for firms establishing a Global Capability Center (GCC) is a strategic decision for multinational corporations aimed at leveraging global talent, driving operational efficiency, and enhancing competitiveness. A well-defined strategic approach is essential to ensure the success and effectiveness of GCCs in supporting the parent organization’s objectives.

1. Alignment with Corporate Strategy

Define Objectives: Clearly articulate the strategic objectives and goals of setting up a GCC, aligning them with the overall corporate strategy.
Assess Business Needs: Conduct a thorough assessment of business needs and identify specific areas where a GCC can add value, such as cost optimization, talent access, innovation, or market expansion.
Stakeholder Buy-in: Gain buy-in from key stakeholders, including senior management, business units, and local government authorities, to ensure alignment and support for the GCC initiative.

2. Location Selection and Site Assessment

Strategic Location: Evaluate potential locations based on strategic factors such as talent availability, cost competitiveness, infrastructure, geopolitical stability, regulatory environment, and proximity to target markets.
Site Assessment: Conduct a detailed site assessment considering factors like real estate availability, facilities, transportation, connectivity, and quality of life for employees.

3. Talent Strategy and Skill Development

Talent Acquisition: Develop a comprehensive talent acquisition strategy to attract, retain, and develop skilled professionals aligned with the GCC’s objectives and functional areas.
Skill Development: Invest in continuous skill development programs, training, and career growth opportunities to nurture talent and ensure alignment with evolving business needs.

4. Governance and Operational Model

Governance Structure: Establish a robust governance framework comprising decision-making processes, reporting structures, performance metrics, and accountability mechanisms to ensure effective oversight and alignment with corporate governance standards.
Operational Model: Design an optimal operational model, considering factors such as organizational structure, process standardization, technology enablement, service delivery models (e.g., shared services, outsourcing), and scalability to support future growth.

5. Technology and Infrastructure

Technology Enablement: Invest in cutting-edge technologies, digital tools, and infrastructure to support GCC operations, enhance productivity, and facilitate collaboration across geographies.
Data Security: Implement robust data security measures and compliance protocols to safeguard sensitive information and ensure regulatory compliance in different jurisdictions.

6. Risk Management and Compliance

Risk Assessment: Conduct a thorough risk assessment to identify and mitigate potential risks related to operational, regulatory, legal, cybersecurity, and geopolitical factors.
Compliance Framework: Establish a comprehensive compliance framework aligned with local regulations, industry standards, and corporate policies to ensure ethical conduct and regulatory adherence.

7. Change Management and Culture Transformation

Change Management: Implement a structured change management approach to facilitate smooth transitions, mitigate resistance, and ensure adoption of GCC initiatives across the organization.
Culture Transformation: Foster a culture of collaboration, innovation, and continuous improvement within the GCC, aligned with the parent organization’s values and culture.

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How does a Social Stock Exchange work?

Volition LLP — Sun, 03 Sep 2023 20:04:37 +0000

A Social Stock Exchange (SSE) is a specialized financial market that connects investors with organizations that have a strong social or environmental mission. These exchanges aim to facilitate impact investing by providing a platform for socially responsible companies and projects to raise capital from like-minded investors. The SSEs instituted to date have functioned across the spectrum of impact funding, from simple grants to innovative finance to impact investment. Here’s how a Social Stock Exchange typically works:

1. Listing and Eligibility:

Social enterprises and organizations interested in raising capital through the SSE must meet specific eligibility criteria that demonstrate their commitment to social or environmental impact. These criteria may include demonstrating a clear social or environmental mission, financial stability, transparency, and governance standards.

2. Investor Participation:

Investors who are interested in supporting socially responsible initiatives can become members of the SSE. They may need to meet certain criteria or align with the exchange’s mission and values. These investors are typically looking to achieve a financial return on their investments while also making a positive impact on society or the environment.

3. Due Diligence:

The SSE conducts thorough due diligence on potential issuers (organizations seeking to raise funds). This process involves assessing the organization’s mission, financial performance, governance, and impact metrics. The goal is to ensure that listed entities are genuinely committed to their social or environmental objectives.

4. Listing and Trading:

After passing the due diligence process, eligible organizations are listed on the SSE. They may issue securities such as shares or bonds. Investors can then trade these securities on the exchange’s platform.

5. Impact Reporting:

Social enterprises listed on the SSE are often required to provide regular impact reports, demonstrating how they are achieving their social or environmental goals. This transparency helps investors understand the real-world impact of their investments.

6. Market Support:

Social Stock Exchanges may offer additional support to listed organizations, such as access to mentorship, networking opportunities, and resources to help them grow and fulfill their mission.

7. Secondary Market Trading:

Investors can buy and sell shares or bonds of listed social enterprises on the secondary market. The exchange facilitates these transactions, allowing for liquidity and price discovery.

8. Investor Engagement:

Some SSEs encourage investor engagement with the listed organizations. This can involve shareholders attending annual meetings or engaging in dialogues about the company’s impact goals and financial performance.

9. Regulation:

Social Stock Exchanges typically operate under the regulatory framework of their respective countries. They must adhere to securities laws and regulations, just like traditional stock exchanges.

10. Impact Measurement and Verification:

SSEs often work with third-party organizations to verify the impact claims of listed entities, ensuring that they are indeed making a positive difference in the intended areas.

The primary goal of a Social Stock Exchange is to channel investment capital toward organizations that are working to address social and environmental challenges while providing investors with opportunities to align their investments with their values. It’s worth noting that the specific operations and regulations of SSEs can vary by country and exchange, so it’s essential to research the requirements and offerings of a particular exchange if you’re interested in investing or listing a social enterprise.

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ISSB issues sustainability disclosure standards

Volition LLP — Mon, 26 Jun 2023 06:41:18 +0000

ISSB issues inaugural global sustainability disclosure standards

The International Sustainability Standards Board (ISSB) has today issued its inaugural standards—IFRS S1 and IFRS S2 —ushering in a new era of sustainability-related disclosures in capital markets worldwide. The Standards will help to improve trust and confidence in company disclosures about sustainability to inform investment decisions.

And for the first time, the Standards create a common language for disclosing the effect of climate-related risks and opportunities on a company’s prospects.

The Standards will be officially launched by ISSB Chair Emmanuel Faber at the IFRS Foundation’s annual conference today and through a week of events hosted by stock exchanges around the world, including those in Frankfurt, Johannesburg, Lagos, London, New York, Santiago de Chile; the ASEAN Capital Markets Forum is also hosting a launch event in Singapore.

Emmanuel Faber’s remarks—available to watch live on the IFRS Conference page from 13:30 BST—will focus on the role the ISSB Standards will play in ensuring that companies disclose globally comparable information about sustainability-related risks and opportunities that is decision-useful for investors.

About the Standards

IFRS S1 provides a set of disclosure requirements designed to enable companies to communicate to investors about the sustainability-related risks and opportunities they face over the short, medium and long term.

IFRS S2 sets out specific climate-related disclosures and is designed to be used with IFRS S1.

Both fully incorporate the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

A global baseline

The ISSB developed IFRS S1 and IFRS S2 with the benefit of extensive market feedback and in response to calls from the G20, the Financial Stability Board and the International Organization of Securities Commissions (IOSCO), as well as leaders in the business and investor community.

This support for a comprehensive global baseline of sustainability-related disclosures demonstrates the widespread demand for a consistent understanding of how sustainability factors affect companies’ prospects.

The ISSB Standards are designed to ensure that companies provide sustainability-related information alongside financial statements—in the same reporting package. The Standards have been developed to be used in conjunction with any accounting requirements. They are also built on the concepts that underpin the IFRS Accounting Standards, which are required by more than 140 jurisdictions. The ISSB Standards are suitable for application around the world, creating a truly global baseline.

Adoption of the ISSB Standards

Now that IFRS S1 and IFRS S2 are issued, the ISSB will work with jurisdictions and companies to support adoption. The first steps will be creating a Transition Implementation Group to support companies that apply the Standards and launching capacity-building initiatives to support effective implementation.

The ISSB will also continue to work with jurisdictions wishing to require incremental disclosures beyond the global baseline and with GRI to support efficient and effective reporting when the ISSB Standards are applied in combination with other reporting standards.

Source: IFRS News, 26 June 2023

Contact us to find out how we can assist you with assisting you with the ISSB disclosures.

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Second Environment and Climate Sustainability Working Group (ECSWG)

Volition LLP — Sun, 21 May 2023 19:17:31 +0000

G20’s Second Environment and Climate Sustainability Working Group (ECSWG) Meeting to be Held in Gandhinagar

The Ministry of Environment, Forest and Climate Change is pleased to announce that the Second Environment and Climate Sustainability Working Group (ECSWG) meeting will be held in Gandhinagar from March 27-29, 2023.

The Second ECSWG meeting will bring together G20 member countries, invitee countries, and international organizations to focus on the global environment and climate change agenda and build on the inputs provided during the first working group meeting. The conference will commence with a side event on Water Resources Management led by the Ministry of Jal Shakti, where G20 member countries will make presentations on best practices in this subject.

On 27th March 2023, the side event of second G20 ECSWG meeting will commence with an introductory note on India’s capability to make WATER everyone’s business focusing on importance of integrated water resource management by Ms. Debashree Mukherjee, Special Secretary, Water Recourses, Ministry of Jal Shakti. The address will be followed by presentations of best practices on water resources management by twenty G20 members. The best practices shared by G20 members will be compiled into a compendium enabling knowledge exchanges and cross learning.

This will be followed by an excursion to ancient stepwell Adalaj Vav, which will demonstrate the ancient water management practices of India and its long-standing tradition of conserving water resources in an appropriate ambience.

Thereafter, the delegation will visit Sabarmati Siphon structure and Sabarmati Escape. Sabarmati Siphon is a cross regulator structure constructed on Narmada Main Canal, an incredible feat of engineering where water flows through a huge tunnel built under the bed of the river and continues on the other side. The canal siphon has a water carrying capacity of approx. 900 cubic meters per second. Sabarmati escape, only a half kilometer upstream, having 425 cubic meters per second of discharge capacity, facilitates a safe evacuation of canal in case of emergency.

Afterwards, the delegation will witness the scenic beauty of the Sabarmati River Front. The Sabarmati Riverfront Development has been envisaged as a comprehensive development of approximately 11 kilometres of length on both the banks of the Sabarmati River. The project approach is to bring about an overall environmental improvement, social upliftment and sustainable development along the Riverfront.

On 28th March 2023, the session will commence with the Inaugural Address by Ms. DarshanaVikramJardosh, Hon’ble Union Minister of State (Railways & Textiles), GOI.

Thereafter, Ministry of Jal Shakti will showcase its major interventions in the field of water resource management through presentations on projects titled NamamiGange, Climate Resilient Infrastructure, participatory Ground Water Management, Jal Jeevan Mission, and Swachh Bharat Mission -Universalization of Water, Sanitation & Hygiene and its effects. This will be followed by comments/discussions by G20 countries, invitee countries and international organisations.

The organizations under Ministry of Jal Shakti will also put-up stalls on various themes including Atal BhujalYojana, Swach Bharat Abhiyan, Jal Jeevan Mission, NamameGange, Jal Shakti Abhiyan, National Water Mission etc during the meeting showcasing and sharing the high-quality work with the delegates.

Under Biodiversity and Land Degradation theme, the ECSWG will focus on strengthening the roadmap for G20 Global Land Initiative, developing the G20 knowledge and solutions platform, and compiling best practices. For Oceans & Blue Economy, the ECSWG aims to further the principles for a sustainable and resilient Blue Economy, facilitate technical studies on accelerating the transition to a sustainable and resilient Blue Economy, garner support for the G20 Osaka Report on addressing actions against marine litter, and facilitate the Ocean 20 Dialogue. For Circular Economy and Resource Efficiency, the ECSWG will accelerate knowledge exchanges on three sub-themes:

Circular Economy in the steel sector,
Extended Producer Responsibility (EPR) for Circular Economy and circular bioeconomy, and
Seek further inputs on the proposed G20 Resource Efficiency and Circular Economy Coalition (G20 RECEIC).

We look forward to discussing the outline of the communique and seek inputs.

The delegates will have an opportunity to experience Gujarat’s vibrant cultural traditions through specially curated dance and music performances, and will also have the opportunity to taste the local cuisine during their visit.

The 2nd ECSWG meeting is a critical step in fostering the efforts of the G20 countries, invitee countries, and international organizations towards a sustainable and resilient future. The Ministry of Environment, Forest and Climate Change is committed to working with all stakeholders to drive outcomes under each of the priority areas, and to achieve a sustainable and resilient future for all.

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EU sustainability timeline from ESMA

Volition LLP — Fri, 03 Mar 2023 14:29:50 +0000

The European Securities and Markets Authority (ESMA) has played a significant role in promoting sustainability in the European Union (EU). Here is a timeline of some of the key developments and initiatives from ESMA in this area:

2019: ESMA published its first annual report on sustainable finance, highlighting the increasing importance of sustainability in the EU financial system.

2020: ESMA issued guidelines on disclosure of climate-related risks for investment firms and credit institutions. The guidelines are designed to assist firms in understanding and disclosing their exposure to climate risks, and to enhance the comparability of climate risk information across the EU.

2021: ESMA published its final report on sustainability-related disclosures in the insurance sector, outlining the expectations for insurance companies to disclose information about their sustainability practices and impact.

2021: ESMA also issued draft technical advice to the European Commission on possible delegated acts regarding sustainability-related disclosures in the EU Regulation on sustainability-related disclosures in the financial services sector (SFDR). The draft technical advice provides recommendations on how to implement the SFDR’s provisions, including the required sustainability-related disclosures.

These initiatives demonstrate ESMA’s commitment to promoting sustainability in the EU financial system, and to enhancing the transparency and accountability of companies in their sustainability practices.

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Role of Industry 4.0 in ESG

Volition LLP — Thu, 02 Mar 2023 17:32:12 +0000

Role of Industry 4.0 in ESG

Industry 4.0 is playing an increasingly important role in promoting environmental, social, and governance (ESG) principles in the manufacturing industry. ESG is a set of standards that companies must adhere to in order to promote sustainable business practices and ensure that they are socially responsible.

One of the key ways that Industry 4.0 is promoting ESG principles is through the use of smart factories. These factories are designed to be more energy-efficient, with automated systems that can optimize energy usage and reduce waste. This not only reduces the environmental impact of manufacturing but also helps companies to save on energy costs.

Industry 4.0 is also promoting ESG principles through the use of sustainable materials and products. With the integration of IoT and AI, manufacturers can track and monitor the environmental impact of their products throughout their lifecycle. This enables them to identify areas where they can reduce waste, improve energy efficiency, and promote sustainable business practices.

Another way that Industry 4.0 is promoting ESG principles is through the use of automation and robotics. With the use of these technologies, companies can reduce the need for manual labor, which not only improves efficiency but also reduces the risk of accidents and injuries in the workplace. This helps to promote social responsibility and ensure that companies are providing safe working environments for their employees.

Industry 4.0 is also promoting ESG principles through the use of data analytics. With the integration of IoT and AI, manufacturers can collect and analyze data on their supply chain, production processes, and product lifecycle. This enables them to identify areas where they can improve sustainability and reduce their environmental impact.

In conclusion, Industry 4.0 is playing an important role in promoting ESG principles in the manufacturing industry. With the integration of IoT, AI, automation, and robotics, companies can reduce their environmental impact, promote sustainable business practices, and ensure that they are socially responsible. As the world becomes more focused on sustainability and ESG principles, Industry 4.0 will continue to play an important role in promoting sustainable business practices and ensuring that companies are socially responsible.

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What is Industry 4.0

Volition LLP — Thu, 02 Mar 2023 17:12:07 +0000

What is Industry 4.0?

Industry 4.0 is the fourth industrial revolution that is transforming the manufacturing industry through the integration of advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), robotics, and automation. This new era of manufacturing is characterized by smart factories that are connected, autonomous, and optimized for efficiency and productivity.

One of the key components of Industry 4.0 is the Internet of Things (IoT), which enables machines, sensors, and other devices to communicate with each other and share data. This data can then be analyzed using AI and machine learning algorithms to gain insights that can help optimize production processes, reduce waste, and improve overall efficiency.

Another important aspect of Industry 4.0 is the use of robotics and automation. With the advancement of robotics technology, manufacturers can automate various tasks, such as assembly, welding, and painting, which were previously done manually. This not only improves the quality of the products but also frees up workers to focus on more complex tasks that require human skills.

Industry 4.0 is also transforming the supply chain through the use of real-time tracking and monitoring. With the integration of IoT and AI, manufacturers can track and monitor every aspect of the supply chain, from raw materials to finished products. This enables them to identify bottlenecks, optimize processes, and reduce lead times, ultimately resulting in a more efficient and effective supply chain.

One of the key benefits of Industry 4.0 is the ability to create personalized products at scale. With the use of IoT and AI, manufacturers can collect data on customer preferences and behavior, and use this data to create customized products that meet the specific needs of individual customers. This not only enhances the customer experience but also improves customer loyalty and satisfaction.

In conclusion, Industry 4.0 is revolutionizing the manufacturing industry by leveraging advanced technologies to create smart factories that are efficient, productive, and optimized for the digital age. With the integration of IoT, AI, robotics, and automation, manufacturers can improve production processes, reduce costs, and enhance the customer experience. As the world becomes more digital and connected, Industry 4.0 will continue to transform the manufacturing industry and drive innovation for years to come.

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Submission of BRSR report in XBRL format in India

Volition LLP — Fri, 24 Feb 2023 15:05:18 +0000

The Business Responsibility and Sustainability Report (BRSR) is a disclosure requirement for listed companies in India to report on their sustainability practices and performance. The Securities and Exchange Board of India (SEBI) mandates that listed companies submit their BRSR report in eXtensible Business Reporting Language (XBRL) format.

Here are the steps to submit the BRSR report in XBRL format in India:

Prepare the BRSR report according to SEBI’s guidelines and requirements.
Convert the BRSR report into the XBRL format using appropriate software tools that are compliant with the Indian XBRL taxonomy for BRSR reporting.
Ensure that the XBRL instance document is validated and free of errors and warnings.
Upload the XBRL instance document along with the PDF version of the BRSR report to the Electronic Data Information Filing and Retrieval (EDIFAR) portal of the Ministry of Corporate Affairs (MCA).
Pay the required filing fees and submit the report.

It is important to ensure the accuracy and completeness of the BRSR report, as well as the quality of the XBRL tagging to avoid any errors or rejections during the filing process.

Companies may engage the services of professional XBRL conversion service providers to assist with the preparation and submission of the BRSR report in XBRL format.

We offer XBRL conversion services to large listed companies. Contact us today for XBRL conversion of BRSR reports.

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Summary: First Environment and Climate Sustainability Working Group (ECSWG)

Volition LLP — Sat, 11 Feb 2023 18:20:47 +0000

First Environment and Climate Sustainability Working Group (ECSWG)

First Environment and Climate Sustainability Working Group (ECSWG) meeting concludes in Bengaluru with all G20 countries showing commitment to constructively work towards the objective of the three priority areas.

The First G20 Environment and Climate Sustainability Working Group (ECSWG) meeting concluded in Bengaluru today on a positive note with all G20 countries showing interest and commitment to constructively work towards the objective of the three priority areas of

Arresting Land Degradation, Accelerating Ecosystem Restoration and Enriching Biodiversity;
Promoting a Sustainable and Climate Resilient Blue Economy and
Encouraging Resource Efficiency and Circular Economy.

The first meeting of Environment and Climate Sustainability Working Group (ECSWG) marks the beginning of constructive discussions within G20 countries for a sustainable future, led by India’s G20 presidency. The three-day meeting of the ECSWG from 9-11 February, 2023 was led by the Ministry of Environment, Forests and Climate Change (MoEFCC), Government of India.

The meeting began with a side event centered around sharing of best practices for ecosystem restoration of forest fire and mining affected areas followed by a visit to the Bannerghatta National Park and Kalkere Arboretum to showcase the forest ecosystems of Karnataka, ecosystem restoration and ecotourism models, as well as wildlife protection.

The second day started with an inaugural address by Union Minister of Housing and Urban Affairs and Petroleum and Natural Gas, Shri Hardeep Puri. Thereafter, welcome address was delivered by Secretary, MoEFCC, Ms. Leena Nandan. She highlighted that India intends to address matters of environment and climate change through an action-oriented and consensus driven approach. The ECSWG will work in close collaboration with other G20 key working groups to holistically address issues relating to environment, sustainability and climate change, she further added.

The discussions during the first half of the second day revolved around methods to restore land-based ecosystems affected by anthropogenic causes and enhancement of the Global Biodiversity Framework.

In the second half, discussions were held on the creation of circular economies in various sectors including steel and biowaste and the role of extended producer’s responsibility in creation of a circular economy. The idea of a G20 industry coalition for resource efficiency and circular economy was also tabled. The sessions saw enthusiastic participation of delegates from all countries. During this session, Joint Secretary, G20 Secretariat, Ms Eenam Gambhir, made a presentation on the proposed High-Level Principles on LiFE and the Green Development Pact as potential deliverables, being steered by the Development Working Group. A cultural event was organized in the evening to showcase the rich cultural heritage of Karnataka and provided a unique ‘India’ experience to the delegates who had arrived from 29 Countries.

The third and last day commenced with the session focusing on theme of ‘Sustainable and Climate Resilient Blue Economy’. The opening remarks were made by the Secretary, Ministry of Earth Sciences, Dr. M Ravichandran. The Oceans and Blue Economy discussions covered a range of issues including marine litter, conservation and enhancement of coastal and marine ecosystems and marine spatial planning, over three meetings and one side event. The focus of discussions on was on the problem of marine plastic litter and its adverse impacts.

The Presidency presented the inception report of the technical study on ‘Accelerating the transition to Sustainable & Climate Resilient Blue Economy’ that would cover all G20 Countries and provide inputs for development of high-level principles on ‘Sustainable and Climate Resilient Blue Economy’. It was also mentioned that Indian Presidency will publish the 5th report on actions against marine plastic litter under the G20 Framework for Marine Plastic Litter, in collaboration with Japan. Delegates expressed support for actions for sustainable use of ocean resources, prevention of pollution and littering and for protection and enhancement of biodiversity. These are critical for building resilience to climate impacts and maintain the carbon sequestration potential of oceans, besides contributing to a thriving blue economy that would support livelihoods of local coastal communities.

Towards the concluding session, it was highlighted that the India Presidency plans to convene an Ocean 20 dialogue to facilitate detailed discussion on important aspects on Blue Economy. The Indian Presidency also announced a coordinated beach cleaning event to be conducted on 21st of May 2023 on the sidelines of the Ocean 20 dialogue to emphasize on the importance of action on marine litter and community participation. The importance of LiFE (Lifestyles for Environment) Principles was highlighted, as behavior changes to encourage use of sustainable alternatives to single use plastics, prevention of littering etc. would contribute to clean and healthy oceans.

Secretary MoEF&CC and Secretary Ministry of Earth Sciences addressed the media on the deliberations during the day.

The discussions will continue in the second half and the delegates agreed to engage constructively and collaborate with the India Presidency for further work towards achieving the proposed outcomes envisioned under the ECSWG.

The discussions during this meeting will be taken forward at the 2nd ECSWG meeting, which is scheduled on 27-29th March, 2023 at Gandhinagar.

Source: G20 Website, February 11, 2023

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