Extended External Reporting (EER) Assurance: Definition
Extended External Reporting (EER) Assurance refers to engagements that provide assurance on various forms of non-financial reporting, including integrated reporting, sustainability reporting, and non-financial reporting concerning environmental, social, and governance matters.
For Sustainability Managers
Understanding Extended External Reporting (EER) Assurance helps you select the right frameworks and meet evolving disclosure requirements.
For CFOs
Extended External Reporting (EER) Assurance directly impacts financial planning, risk exposure, and regulatory compliance costs.
For Sustainability Reporting
Extended External Reporting (EER) Assurance is a core element of sustainability reporting that auditors and regulators expect to see addressed.
Related Terms
Assurance
Trust is of paramount importance in any industry. However, there are occasions when changes or questions arise, prompting managers, owners, and other stakeholders to verify the validity of an organization's business processes and adherence to governance standards. To obtain this information, they may request a review from a firm that offers assurance services. Assurance reporting summarises the results of this evaluation, determining whether the organisation has successfully met the assurance objective.
ESG Reporting
An ESG report is a document released by a company detailing its impact on environmental, social, and governance aspects.
Sustainability reporting
Sustainability reporting is a means for companies to disclose their environmental and social performance. In certain jurisdictions, it is obligatory for companies of a certain size. Nevertheless, even when not mandated, customers, investors, and prospective employees increasingly demand information on a company's actions to reduce greenhouse gas emissions and achieve net-zero emissions by 2050, aligning with the Paris Agreement.
1.5°C
The Paris Agreement commits countries to limit global warming to well below 2°C above pre-industrial levels, with an even more ambitious target of 1.5°C to avert severe climate changes. Achieving the 1.5°C trajectory necessitates halving emissions by 2030 and reaching net-zero emissions by 2050.
AASB
The Australian Accounting Standards Board (AASB) is a government agency in Australia responsible for developing and maintaining financial reporting standards applicable to entities in both the private and public sectors of the Australian economy. This includes the development of accounting and external reporting standards and guidance related to sustainability-related financial information, which is aligned with principles, caters to external report users' needs, and can be subject to assurance and enforcement.