Potential of Unification of Non-financial Reporting Standards in Regard to Sustainability Field

This master thesis explores the growing importance of non-financial reporting in providing a comprehensive view of an organization's environmental, social, and governance (ESG) performance. It examines key international standards like the Global Reporting Initiative (GRI), the Task Force on Climate-related Financial Disclosures (TCFD), and the International Financial Reporting Standards (IFRS). The study identifies challenges in unifying these standards, such as diverse evaluation criteria and manual data collection efforts. It also highlights the benefits of standardization, including improved data comparability, better decision-making, and increased accountability. The thesis discusses the potential role of the International Sustainability Standards Board (ISSB) in integrating sustainability and financial reporting. By aligning with TCFD and SASB standards, the ISSB aims to streamline reporting processes and enhance data quality. The unification of non-financial reporting standards is deemed essential for promoting transparency and sustainability in the corporate world. The adoption of unified standards is expected to drive responsible business practices and support informed investment decisions globally. Despite existing challenges, the study concludes that standardized reporting offers significant advantages. Unified standards will ultimately build stakeholder trust and foster a sustainable business environment.