Singapore Launches Guidebook to Support Sustainability Reporting

Key Takeaways

• ACRA’s Initiative: The Sustainability Reporting Body of Knowledge (SR BOK) is a guidebook designed to help training providers create ISSB-aligned sustainability reporting programs.
• Workforce Development: The SR BOK aims to up-skill professionals in greenhouse gas accounting and climate-related disclosures, meeting the growing demand for sustainability reporting professionals.
• Broad Industry Support: Over 50 stakeholders, including regulators, corporate preparers, and training providers, have validated the SR BOK, ensuring it meets industry needs.
• Global Alignment: The SR BOK is aligned with global sustainability standards, including IFRS S1 and S2, and the Greenhouse Gas Protocol, helping professionals stay on top of regulatory changes.

Deep Dive

The Accounting and Corporate Regulatory Authority (ACRA) of Singapore recently introduced the Sustainability Reporting Body of Knowledge (SR BOK), a comprehensive guidebook designed to help training providers develop high-quality, ISSB-aligned sustainability reporting programmes. The initiative aims to address the growing demand for professionals skilled in preparing sustainability reports and climate disclosures, aligning with the Singapore Green Plan 2030 and global regulatory trends.

With the increasing emphasis on climate-related disclosures, especially among Singapore Exchange (SGX)-listed companies, ACRA’s new framework addresses the urgent need for a talent pipeline in sustainability reporting roles. The SR BOK provides a roadmap for developing technical skills in greenhouse gas accounting, climate-related disclosures, and IFRS S1 and S2 standards, ensuring professionals are equipped to meet the complexities of modern sustainability reporting.

Chia-Tern Huey Min, the Chief Executive of ACRA, stressed the importance of building robust capabilities in sustainability reporting. "With the Sustainability Reporting Body of Knowledge, training providers will be able to create programs that not only prepare professionals for sustainability reporting but also meet the increasing market demands," he said.

The SR BOK was developed with input from over 50 key stakeholders, including corporate preparers, assurance providers, professional bodies, and training providers. This broad industry backing ensures that the guidebook is relevant, forward-thinking, and adaptable to evolving standards and regulatory changes.

Industry and Academic Support

The framework has garnered significant support from major institutions, highlighting its importance in driving the standardisation of sustainability reporting in Singapore. Sue Lloyd, Vice-Chair of the International Sustainability Standards Board (ISSB), commended ACRA for its initiative, stating, “We recognise that capacity building is an essential pillar in the high-quality application of our sustainability standards.”

Support for the initiative also came from local institutions such as the Institute of Singapore Chartered Accountants (ISCA), Temasek Polytechnic, and Nanyang Technological University (NTU), all of whom underscored the importance of equipping professionals with globally aligned competencies in sustainability and climate-related disclosures.

Professor Jun Yang from NTU noted, “The SR BOK establishes a clear and consistent foundation of knowledge to meet the growing demands of climate-related disclosures.”

Impact on Sustainability Reporting Education

The SR BOK covers critical topics such as the global actions to address sustainability challenges, the application of IFRS S1 and S2 standards, and the integration of the Greenhouse Gas Protocol. Training providers can use the SR BOK to design specialized courses that will prepare professionals for roles as sustainability report specialists, ensuring the quality and consistency of disclosures across industries.

For professionals looking to up-skill, the SR BOK offers a clear framework to assess their current skills and identify knowledge gaps, allowing them to select the right courses to build their expertise. Employers can also use the guidebook to align job descriptions with the required competencies, ensuring they hire the right talent for sustainability reporting roles.

Commitment to a Green Future

This initiative comes at a pivotal time for Singapore as the nation intensifies its focus on sustainability. Under the Singapore Green Plan 2030, the country is committed to reducing its emissions intensity and achieving carbon neutrality by mid-century. The SR BOK aligns with this broader green agenda by helping to build the skilled workforce needed to drive the nation’s sustainability goals.

As Singapore's sustainability reporting landscape continues to evolve, the SR BOK will play a key role in ensuring that professionals are equipped with the right skills and knowledge to contribute to the global sustainability movement.

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