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Eurofiling Initiative. XBRL week XBRL Integrated Scorecard for Financial and Sustainability Reporting Madrid, June 1st, 2012 Enrique Bonsón. University of Huelva José Luis Lizcano. AECA. www.aeca.es. Agenda. AECA: profile and purpose CSR project, combining frameworks

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  1. Eurofiling Initiative. XBRL weekXBRL Integrated Scorecard for Financial and Sustainability ReportingMadrid, June 1st, 2012Enrique Bonsón. University of HuelvaJosé Luis Lizcano. AECA www.aeca.es

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

  3. 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

  4. 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 CSRstandards, along with digital standards

  5. 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

  6. CSR project, combining frameworks

  7. CSR project, combining frameworks

  8. CSR project, combining frameworks • measure transparency levels • Check difficulties measuring • Explore industry extensions • = • Feedback for framework evolution Data Not available Not applicable Data Not available Not applicable

  9. 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

  10. 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)

  11. 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

  12. 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

  13. Public repository www.aecareporting.com

  14. Integrated Scorecard Financial Environmental CII (IS) Social Corporate Governance

  15. Integrated Scorecard

  16. Complex Reporting Linkbases Complex Indicators F1 /(S2+E2) Composed Indicators S1/S2 E1/E2 financial social environmental governmental Basic Indicators Profit People Planet Pilots F1 S1 S2 E1 G1

  17. 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

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