IFAC publishes SME sustainability checklist

The International Federation of Accountants (IFAC) has published a sustainability checklist for small businesses (the checklist) to help small and medium-sized enterprises (SMEs) maximise the benefits of integrating sustainability into their business strategy and operations.

The checklist, comments IFAC, is a diagnostic tool designed to be adapted by each company to its own circumstances, including its industry sector, lifecycle and products and services provided. It lists a comprehensive range of initiatives and actions to consider in terms of environmental, social and governance (ESG) factors. Not every action on the checklist will be relevant to every SME, but the checklist aims to help all organisations take small steps on what could be a long but very rewarding journey, says IFAC.

The checklist was developed as part of IFAC's work on the transformation practices IFAC's Sustainability Checklist, which highlights the need for small and medium-sized firms to adapt in order to remain relevant and serve a rapidly changing world. Small and medium-sized firms are also strongly encouraged to use the checklist to start their own journey and reflect on their sustainability strategy, policies and procedures, IFAC adds. . This is also key to attracting and retaining the next generation of talent, it adds.