Eurofiling Initiative. XBRL week XBRL Integrated Scorecard for Financial and Sustainability...

Eurofiling Initiative. XBRL week

XBRL Integrated Scorecard for Financial and Sustainability Reporting

Madrid, June 1st, 2012

Enrique Bonsón. University of HuelvaJosé Luis Lizcano. AECA

www.aeca.es

Agenda

• AECA: profile and purpose• CSR project, combining frameworks• Central Scorecard project, exploring reality• Integrated Scorecard, the next step

AECA: profile and purpose• Asociación Española de Contabilidad y

Administración de Empresas• Spanish Accounting and Business

Administration Association• Founded in 1979• Declared as of public utility• Influencing regulatory bodies• More than 5000 individual and corporate

members

AECA: profile and purpose• During the 1980´s, its contributions to

accounting principles highly influenced the redaction of Spanish GAAP.

• Later, AECA extended its interest to Corporate Social Responsibility issues, towards better transparent corporations and markets

• Goal: promote the use of CSR standards, along with digital standards

CSR project, combining frameworks

• A selection of international standards• From abstract to concrete indicators• Organizing KPIs by stakeholder,

comprehensive approach• Analyzing reporting practices using triplets

CSR project, combining frameworks

CSR project, combining frameworks

CSR project, combining frameworks

DataData

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Not applicableNot applicable

DataData

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• measure transparency levels•Check difficulties measuring•Explore industry extensions

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Feedback for framework evolution

CS project, exploring reality

• From real reporting to KPI´s selection• Not comprehensive, key indicators• Organized by nature (F, E, S, G)• XBRL enabled repository• Success in implementation

CS project, exploring reality

• Empirical research– target population includes all Spanish companies

quoted in the IBEX 35 Index (Spanish top 35 listed corporations representing a greatly diverse set of industries) on December 28, 2007

– and a significant number of them are listed in various sustainability indexes such as the Dow Jones Sustainability Index (DJSI) and the Financial Times Stock Exchange Index for Social Responsibility (FTSE4Good)

CS project, exploring reality

• Empirical research– the research team proceeded to download from the

website of each one of the companies their 2007 sustainability reports, published in 2008

– 2 of the 35 companies selected, 5.71%, had no report for the period

– after reading and analyzing the reports the research team determined the final sample of analysis consisting of 14 companies, 40% of the population. This sample corresponds to those companies that identified in their reports a set of key indicators to define CSR practices during that year

CS project, exploring reality

• Empirical research– the research team composed a set of indicators

based on the reporting practices, adding them up from each companies and avoiding redundancies

– this comprehensive set was sent to the companies for approval, with 21 positive responses (66% of market share)

– final refinement was perform by means of face-to-face meetings with sustainability directors of respondent companies

Public repositorywww.aecareporting.com

Integrated Scorecard

FinancialFinancial

CII (IS)CII (IS)SocialSocial EnvironmentalEnvironmental

Corporate GovernanceCorporate

Governance

Integrated Scorecard

ComplexReportingLinkbases

Basic Indicators

financial social environmental

Profit People Planet

F1 S1 E1S2

Composed Indicators

Complex Indicators

S1/S2

F1 /(S2+E2)

Pilots

governmental

G1

E1/E2

Final considerations

• AECA tried to cover the gap detected at the international level

• Focus in both listed companies and SMEs• Combining high quality standards with digital

formats• Open to discussion