$5.1m annual program spend • SASB envisions a world where all forms of capital are accounted for and managed. With SASB industry-specific standards in place, companies compete and improve performance on the sustainability issues that matter most and investors drive capital to the most sustainable outcomes. SASB defines sustainability as environmental, social and governance factors that have the potential to affect long-term value creation and/or are in the publics interest.SASB is accomplishing this through intensive evidence-based research of material issues within industry; convening industry working groups to establish accounting metrics; partnering with the accounting profession to develop auditing protocols; and providing education with regard to recognition and accounting of material non-financial issues.
SASB is not affiliated with FASB, GASB, IASB or any other accounting standards boards.SASBs mission is a natural evolution in the history of corporate reporting. The Securities Act of 1933 and the Securities Exchange Act of 1934 led to the formation of the Securities and Exchange Commission (SEC), which Congress empowered to require and oversee corporate disclosure. This historic move, coupled with the creation of the Financial Accounting Standards Board (FASB) in 1973, led to establishing financial reporting standards and disclosure requirements aimed at protecting investors and the public.
SASB is continuing the tradition of disclosure to identify and inform investors of material information, and extending it environmental, social and governance factors. Sustainability accounting standards are intended as a complement to financial accounting standards, such that financial fundamentals and sustainability fundamentals can be evaluated side by side to provide a complete view of a corporations performance.During the year ended December 31, 2017, SASB was the recipient of certan pro-bono and in-kind services which amounted to $568,880. These in-kind amounts have been excluded from revenues and expenses in the tax return in accordance with instructions from the Internal Revenue Service.