With reference to lsquo Report of the Committee on Business Responsibility Reporting BRR rsquo consi...........

Governance Issues Corporate Governance

With reference to ‘Report of the Committee on Business Responsibility Reporting (BRR)’, consider the following statements

It recommended a new reporting framework called as the ‘Business Responsibility and Sustainability Report (BRSR)’ to better reflect the intent and scope of reporting on non-financial parameters.
It recommended two formats for disclosures: one ‘comprehensive format’ and the second a ‘Lite version’.

Select the correct statement.

1 only

2 only

Both

None

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Explanation:

Recently, Union Ministry of Corporate Affairs (MCA) released the ‘Report of the Committee on Business Responsibility Reporting (BRR)’. The committee was chaired by Gyaneshwar Kumar Singh, Joint Secretary, MCA. It recommended a new reporting framework called as the ‘Business Responsibility and Sustainability Report (BRSR)’ to better reflect the intent and scope of reporting on non-financial parameters. It recommended two formats for disclosures: one ‘comprehensive format’ and the second a ‘Lite version’. The implementation of the reporting requirements should be done in a gradual and phased manner. It also recommended that the BRSR be integrated with the MCA21 portal. As a long-term measure, the Committee envisions that the information captured through BRSR filings be used to develop a Business Responsibility-Sustainability Index for companies. Hence both statements are correct.