Monthly Insights in Accounting, Finance, HR, Marketing, & ESG
women's equality day
celebration august 26,2021
What a privilege to participate in Waste Management’s Share the Green initiative to advance diversity in the corporate supply chain, supporting and expanding female representation everywhere. Dream Source Solutions is thrilled to be selected by Waste Management, Deloitte Digital, SKAPS and Verizon, we are so excited to see where this “IN” takes us. We also connected with female entrepreneurs and over 65 sponsors during this 6 week incubator program. Thank you Waste Management for Leading with Purpose and INCLUSION! To learn more and participate next year, visit Share the Green.
Accounting & Finance:
Revenue Recognition ASC 606
A framework for revenue recognition In order to achieve the core principle and determine when to recognize revenue—and how much revenue to recognize—the FASB and IASB established a five-step framework.
The five steps provide entities with a model to identify the contract to be evaluated under the new revenue standard, evaluate the performance obligations (or units of account to which the recognition principles apply), and determine the amount of consideration to be recognized as revenue for each performance obligation.
Inclusion Equality Diversity - How do you avoid Tokenism?
Companies who prioritize diversity do so by creating a culture that breeds an inclusive, diverse and equitable environment. We heard it best on Women’s Equality Day, from Waste Management Board of Directors and Chief Sustainability Officer when they spoke to 175 female founders how IMPACT and PROGRESS begins with INCLUSION, not simply diversity.
Culture creates inclusion and starts with the foundation and top of the house. This should including listening to voices and opinions from old, new, quite, loud, outstanding performers, lower performers and middle management to ensure an inclusive, equitable and diverse environment. Avoid tokenism by doing more than simply hiring a women of color to lead your "diverse organization" and calling it a day.
bringing sustainability to life to tell your story
As Boards and companies across the US organize and understand more about ESG, 90% of public companies are issuing ESG Annual Reports and many other organizations are issuing their own reports for the very first time. When telling your Sustainability Story, avoid the #1 rookie mistake when issuing your first ESG annual report… GREENWASHING. Make sure to include your material ESG risks, ESG goals and identify the risks you are not so proud. Establish goals, metrics and be transparent with your sustainability strategy with all your stakeholders.
asset managers overstating sustainability?
The SEC and Justice Departments are now investigating Deutsche Bank AG’s asset-management arm, DWS Group, after the firm’s former head of sustainability said it overstated how much it used sustainable investing criteria to manage its assets, according to WSJ article. Based on countless conversations with Investment Managers, Private Equity firms and asset managers, Deutsche Bank’s DWS is not alone in relying on rating agencies.
Asset managers can not simply outsource their diligence to Sustainability Rating Agencies and need to complete their own ESG due diligence for proper risk management. Sustainability rating agencies are inconsistent, have frequently changing ESG methodology and lack transparency. We explore this topic further here.
In Other News
* According to this Inc. 5000 article, What's on the Minds of the Leaders Running Fastest Growing Companies in the US. 60% of CEOs indicate Hiring and Retaining employees is top 5 challenge they face. Companies are actively diversifying their workforce and 51% are expanding their talent sources, 34% are identifying and developing diverse high performers already in the company, 30% have created a formal strategy to boost diversity, 28% are contacting schools and social organizations to build a new talent pipeline, 20% have reworked job descriptions to eliminate bias, 5% have added more diversity to their boards.
* September is for SDGs, read B Corporations 2021 SDG Impact Report to learn how businesses are engaging, performing and improving on their Sustainable Development Goals.
* Read our August Issue of ESG Minute we highlight the UN's IPPC 6th assessment on climate change and discuss "The Great Resignation" and need for more transparency around Human Capital Management metrics.
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