European Advisory Research Articles

Integrating sustainability factors into corporate financial reporting in the modern ESG agenda context. Part 2

Subject. This article discusses innovations and trends in the development of corporate reporting standardization within the framework of the IFRS Foundation project and the initiative of the European Financial Reporting Advisory Group. Objectives. The article aims to reveal the essence of the main innovations and characterize the prospects for improving corporate financial reporting in the context of the development of ESG Standards by the International Sustainability Standards Board of the IFRS Foundation and the Task Force of the European Sustainability Reporting Standards Project. Methods. For the study, I used analysis and synthesis, comparison, and generalization. Results. Based on an analysis of the ESG agenda modern realities, the article identifies prerequisites and trends in the development of corporate reporting standardization in relation to the integration of sustainable development factors into financial reporting, and determines the impact of innovations of the two systems of sustainability reporting standards being developed on the informative and analytical value of corporate reporting. Conclusions and Relevance. The need to overcome the limitations and shortcomings of the GRI standards predetermined the development of two new systems of standards in the context of the ESG agenda modern realities. The International Sustainability Standards Board of the IFRS Foundation is developing standards designed to become a global framework for the disclosure of information on sustainable development, focused on the needs of investors and financial markets. The European Financial Reporting Advisory Group is developing European Sustainability Reporting Standards, which should cover a wide range of topics to meet the information needs of various stakeholders. New systems of ESG reporting standards are aimed at generating complete, coherent, comparable and verifiable information in the field of sustainable development. The research results obtained will contribute to the further promotion of sustainability reporting, improve corporate financial reporting practices by incorporating the impact of sustainability issues on value creation, and enhance stakeholder awareness and decision-making in a comprehensive and ESG-informed manner.

Using legitimacy strategies to secure organisational survival over time: the case of EFRAG

In this paper, we study how the European Financial Reporting Advisory Group (EFRAG) used different legitimacy strategies between 2004 and 2021 to secure its organisational survival. Although EFRAG is now an established player within the regulatory space of corporate reporting, the organisation’s path towards this position was not straightforward. Based on 20 interviews with current and former members of EFRAG and archival documents, we investigate how EFRAG initially gained and maintained its legitimacy and how it responded to a legitimacy crisis arising in the aftermath of the 2008–2009 financial crisis. Based on prior research on organisational strategies for legitimising actions, we derive a framework for our analysis and show how EFRAG has adapted various legitimacy strategies over time. We further find that the use of legitimacy strategies is constrained by various systemic factors and show how EFRAG’s adaptations to its legitimacy strategies led to new tensions. Our findings contribute to the literature on private regulatory organisations’ legitimacy and the political economy of standard setting.

Integrating sustainability factors into corporate financial reporting in the modern ESG agenda context. Part 1

Subject. This article discusses innovations and trends in the development of corporate reporting standardization within the framework of the IFRS Foundation project and the initiative of the European Financial Reporting Advisory Group. Objectives. The article aims to reveal the essence of the main innovations and characterize the prospects for improving corporate financial reporting in the context of the development of ESG Standards by the International Sustainability Standards Board of the IFRS Foundation and the Task Force of the European Sustainability Reporting Standards Project. Methods. For the study, I used analysis and synthesis, comparison, and generalization. Results. Based on an analysis of the ESG agenda modern realities, the article identifies prerequisites and trends in the development of corporate reporting standardization in relation to the integration of sustainable development factors into financial reporting, and determines the impact of innovations of the two systems of sustainability reporting standards being developed on the informative and analytical value of corporate reporting. Conclusions and Relevance. The need to overcome the limitations and shortcomings of the GRI standards predetermined the development of two new systems of standards in the context of the ESG agenda modern realities. The International Sustainability Standards Board of the IFRS Foundation is developing standards designed to become a global framework for the disclosure of information on sustainable development, focused on the needs of investors and financial markets. The European Financial Reporting Advisory Group is developing European Sustainability Reporting Standards, which should cover a wide range of topics to meet the information needs of various stakeholders. New systems of ESG reporting standards are aimed at generating complete, coherent, comparable and verifiable information in the field of sustainable development. The research results obtained will contribute to the further promotion of sustainability reporting, improve corporate financial reporting practices by incorporating the impact of sustainability issues on value creation, and enhance stakeholder awareness and decision-making in a comprehensive and ESG-informed manner.

Analysis of double materiality in early adopters. Are companies walking the talk?

PurposeThis study aims to analyse the consistency between what companies say (talk) and what they do (walk) regarding the application of double materiality in their sustainability reports.Design/methodology/approachSustainability reports of 76 European companies that reported the application of double materiality and are listed in the Dow Jones Sustainability Index were studied through content analysis.FindingsIn total, 67% of the companies studied claim to apply double materiality but do not comply with the guidelines in this respect proposed by the European Financial Reporting Advisory Group. Therefore, these companies should be considered label adopters.Practical implicationsThis study presents evidence of the existence of label adopters when double materiality is adopted at an early stage, meaning that regulators should seek to control compliance with the minimum requirements established for double materiality. This finding also has implications for assurers, who should consider the degree of real compliance with double materiality requirements when expressing their opinion.Social implicationsThe existence of label adopters in the application of double materiality endangers the sustainable development pursued through agreements such as the Green Deal and through the Sustainable Finance policy proposed in Europe.Originality/valueThis work contributes to the emerging literature on double materiality. Unlike previous works, empirical evidence is provided on the changes that companies present in their material issues with the application of double materiality. Moreover, it confirms the existence of label adopters in the application of double materiality.

Choice of Participation Method in Setting International Accounting Standards: Evidence from EFRAG as an Intermediary for Indirect Participation

Synopsis The research problem Prior empirical research on constituents’ participation in setting international accounting standards has focused on their decision whether or not to participate directly in the standard setter’s due process. However, because that focus neglects constituents’ choice between direct participation and indirect participation via an intermediary, we investigated the determinants of using an indirect method of participation as a substitute for, or in complement to, direct participation. Institutional setting We exploited the European institutional setting, where the European Financial Reporting Advisory Group (EFRAG) serves as an intermediary for indirect participation in the due process of the International Accounting Standards Board (IASB). The test hypotheses Based on rational choice theory, we hypothesized that constituents from EFRAG’s inner circle and from countries with smaller capital markets, lower English-language proficiency, and/or an accounting value profile more different from that embodied in International Financial Reporting Standards (IFRS) have a higher probability of choosing to use indirect participation. Adopted methodology Using a sample of 7,766 comment letters (CLs) from 2005–2017, we focused on individual constituents and traced their use of indirect participation (i.e., sending CLs to EFRAG) versus direct participation (i.e., sending CLs to the IASB). We employed logistic regression models using the methods of participation as dependent variable to test our hypotheses. Controlling for factors used in prior research on direct participation, we estimated a primary model for the full sample of constituents and a secondary model with firm-specific variables for the subsample of constituents classified as corporate preparers. Findings and implications We found strong evidence that the constituents’ membership in EFRAG’s inner circle is positively related, and capital market size in the constituents’ home countries is negatively related, to choosing to use indirect participation. Country-level English-language proficiency and differences in the accounting value profile in relation to IFRS also determine the choice of participation method. Our findings suggest that a preference for indirect participation relates to the barriers to using direct participation. We provide initial evidence of a neglected aspect of Sutton’ s ( 1984 ) rational choice model and implications for EFRAG’s role as an intermediary.

Some Thoughts on the New EU-Directive on Corporate Sustainability Reporting

Sustainability is on everyone´s lips. It is also increasingly influencing Union legislation. Recently, the Corporate Sustainability Reporting Directive came into force. The Directive also contains requirements regarding sustainability reporting on social issues. These are concretised by the specific disclosure requirements developed by the European Financial Reporting Advisory Group (EFRAG). This article takes a critical look at the Directive and in particular its content with regard to labour law issues, but also at the role of EFRAG in substantiating the reporting obligations of companies.

Adherence to inhaled antibiotics in people with cystic fibrosis: insights from a virtual patient advisory board

ABSTRACT Background Chronic airway infection by Pseudomonas aeruginosa significantly impacts the health of people with cystic fibrosis (PwCF), presenting complex treatment challenges. Research design and methods To gain insights into PwCF’s experiences, a virtual European Patient Advisory Board was convened. Board explored inhaled antibiotic usage, treatment adherence, and associated challenges. Additionally, an online survey was conducted among PwCF to further understand real-life experiences and unmet needs, particularly related to CFTR modulators. Results The Advisory Board proved instrumental in collecting valuable real-world perspectives, offering potential avenues for reshaping the care model for complex diseases like cystic fibrosis. Conclusions PwCF on CFTR modulators are questioning the necessity of continuing chronic medications and therapies. Physicians are urged to carefully consider the balance between simplifying antibiotic treatment and the risk of clinical deterioration due to bacterial infections when making treatment decisions. Furthermore, the development and global harmonization of diagnostic tools for chronic lung damage and treatment guidelines are crucial to justify the demanding routines that PwCF must endure to manage their condition. The heterogeneity in patient journeys, diagnostic challenges, treatment complexity, and issues related to adherence highlight the need for patient-centric, personalized care that emphasizes improving and maintaining treatment adherence to optimize cystic fibrosis management.

‘A Supremely Good Chinovik’: William Strang, Europe, and the Role of the Official, 1919–1949

ABSTRACT Sir William Strang was the Permanent Under-Secretary of the Foreign Office from 1949 to 1953, he was the most senior Foreign Office official at an important period in British foreign policy. Prior to this appointment, he enjoyed a Foreign Office career that spanned some three decades, where he was involved in notable episodes such as the Munich Agreement, the Moscow Conference (1939), the workings of the European Advisory Commission, and the post-war occupation of Germany. Strang’s career, however, has been subject to little scholarly attention. He is often regarded as a competent, yet singularly dull individual lacking the intellect or the original thinking of his contemporaries, such as Robert Vansittart, Alexander Cadogan, Orme Sargent, or Gladwyn Jebb. This article challenges this interpretation, arguing that while Strang has a clearly identifiable worldview, this was intrinsically tied to his view of the proper function of a Foreign Office official. For Strang, it was not the role of the official to sway a minister’s mind with well-argued memoranda, but to make vast quantities of information and arguments comprehensible to allow a minister to make as informed a decision as possible. This fundamental tenet of Strang’s worldview must be understood when examining his career prior to his appointment as Permanent Under-Secretary of the Foreign Office.

Cryptoassets: Definitions and accounting treatment under the current International Financial Reporting Standards framework

AbstractThis paper provides a first comprehensive definition of cryptoassets for accounting purposes in the types of payment tokens, electronic money (e‐money) tokens, utility tokens and security tokens. The delivery of definitions for accounting purposes addresses some of the concerns raised by the European Financial Reporting Advisory Group (EFRAG) discussion paper and helps accounting regulators adapt current International Financial Reporting Standards (IFRS) standards to blockchain‐based tokens' taxonomy and nature. The paper helps policymakers reconcile Markets in Cryptoassets Regulation Proposal's (MiCA) definitions and classification of cryptoassets with the EFRAG's specific needs for clarification and/or amendment in the IFRS standards and contributes to providing an accounting guide for practitioners in their financial disclosure.

Best evidence summary of prevention strategies for pressure injury in adult hospitalized burn patients

Objective: To summarize the best evidence of prevention strategies for pressure injury in adult hospitalized burn patients. Methods: A bibliometric approach was used. Systematic searches were carried out to retrieve the published evidence of prevention strategies for pressure injury in adult hospitalized burn patients in the official websites of relevant academic organizations such as International Society for Burn injury, American Burn Association, and Japanese Dermatology Association, National Pressure Injury Advisory Panel, European Pressure Injury Advisory Panel, Pan Pacific Pressure Injury Alliance International Guidelines Website, foreign language databases such as UpToDate, BMJ Best Practice, MedSci, Joanna Briggs Institute Evidence-Based Practice Database, Cochrane Library, Web of Science, Embase, and PubMed, and Chinese databases such as China Biology Medicine disc, China National Knowledge Infrastructure, Wanfang Database, and China Clinical Guidelines Library. The literature types include clinical decision-making, evidence summary, guidelines, systematic review, and expert consensus. The search time was till February 21st, 2023. Two researchers independently screened the literature and evaluated the quality, and other researchers extracted and graded the evidence according to the topic. Results: A total of 10 papers were included, including 6 evidence summaries, 3 guidelines, and 1 expert consensus, all with high literature quality. After extracting evidence and classifying, 27 pieces of best evidences were summarized from three aspects, including prevention training and supervision, risk assessment, and prevention measures of pressure injury. Conclusions: A total of 27 pieces of best evidences of prevention strategies for pressure injury in adult hospitalized burn patients were summarized from 3 aspects. Medical workers can follow the best evidence and give personalized prevention strategies according to the specific condition of adult hospitalized burn patients to reduce the incidence of pressure injury.

Planned changes to the classification and disclosure of items in the profit and loss statement. Discussion on the exposure draft of a new international standard

Purpose: The objective is to present selected changes slated for introduction through exposure draft ED/2019/7. The perspective adopted concerns the current classification and disclosure in the profit and loss statement. In addition, the authors indicate the differences between the new standard and the local accounting regulations.Methodology/approach: We used an analysis of legal regulations and a case study in the form of data transformation of entity X for three consecutive reporting periods.Findings: Mandatory separation of investments and financial activities, whose definition differs from those in national law and IAS/IFRS, represents the greatest challenge. Many items (including exchange rate differences, investment incomes and expenses) will be disclosed differently in the profit and loss statement, including being split between two or more categories.Practical implications: The identified differences between the local regulations and the new standard indicate the need to change how the accounting ledger is organized, including amendments in the information systems. It also calls for several educational events to be held by professional accounting organizations.Originality/value: The detailed identification of differences in the disclosure of profit and loss statements stem from the authors’ engagement in the European Financial Advisory Board’s (EFRAG) field test. The results indicate that the regulator must act to bring national law into line with the planned changes. The proposed changes will in-crease the quality of financial statements, including the relevance and comparability of financial information.

Feline Infectious Peritonitis: European Advisory Board on Cat Diseases Guidelines.

Feline coronavirus (FCoV) is a ubiquitous RNA virus of cats, which is transmitted faeco-orally. In these guidelines, the European Advisory Board on Cat Diseases (ABCD) presents a comprehensive review of feline infectious peritonitis (FIP). FCoV is primarily an enteric virus and most infections do not cause clinical signs, or result in only enteritis, but a small proportion of FCoV-infected cats develop FIP. The pathology in FIP comprises a perivascular phlebitis that can affect any organ. Cats under two years old are most frequently affected by FIP. Most cats present with fever, anorexia, and weight loss; many have effusions, and some have ocular and/or neurological signs. Making a diagnosis is complex and ABCD FIP Diagnostic Approach Tools are available to aid veterinarians. Sampling an effusion, when present, for cytology, biochemistry, and FCoV RNA or FCoV antigen detection is very useful diagnostically. In the absence of an effusion, fine-needle aspirates from affected organs for cytology and FCoV RNA or FCoV antigen detection are helpful. Definitive diagnosis usually requires histopathology with FCoV antigen detection. Antiviral treatments now enable recovery in many cases from this previously fatal disease; nucleoside analogues (e.g., oral GS-441524) are very effective, although they are not available in all countries.

Feline Injection-Site Sarcoma and Other Adverse Reactions to Vaccination in Cats.

Vaccine-associated adverse events (VAAEs), including feline injection-site sarcomas (FISSs), occur only rarely but can be severe. Understanding potential VAAEs is an important part of informed owner consent for vaccination. In this review, the European Advisory Board on Cat Diseases (ABCD), a scientifically independent board of feline medicine experts, presents the current knowledge on VAAEs in cats, summarizing the literature and filling the gaps where scientific studies are missing with expert opinion to assist veterinarians in adopting the best vaccination practice. VAAEs are caused by an aberrant innate or adaptive immune reaction, excessive local reactions at the inoculation site, an error in administration, or failure in the manufacturing process. FISS, the most severe VAAE, can develop after vaccinations or injection of other substances. Although the most widely accepted hypothesis is that chronic inflammation triggers malignant transformation, the pathogenesis of FISS is not yet fully understood. No injectable vaccine is risk-free, and therefore, vaccination should be performed as often as necessary, but as infrequently as possible. Vaccines should be brought to room temperature prior to administration and injected at sites in which FISS surgery would likely be curative; the interscapular region should be avoided. Post-vaccinal monitoring is essential.

Influence and behaviour of the new standard setters in the sustainability reporting arena: implications for the Global Reporting Initiative’s current position

PurposeThis study aims to examine the influence and behaviour of the European Financial Reporting Advisory Group (EFRAG)/European Commission, and the International Financial Reporting Standards (IFRS) Foundation/International Sustainability Standards Board in the standardisation of sustainability reporting arena and their implications for the Global Reporting Initiative’s (GRI) current position.Design/methodology/approachThis paper draws on the arena concept, particularly the work of Renn (1992) and Georgakopoulous and Thomson (2008), to explore the EFRAG and the IFRS Foundation’s behaviour towards the standardisation of the sustainability reporting arena and their implications for the GRI’s current position. Further, the documents and public releases pertinent to the activities and output of the GRI, the EFRAG/European Commission and the IFRS Foundation are used. The documents are screened and analysed based on the key elements of arena concept that emerged, which includes “agenda, claims, network of bodies and group engaged, interaction and behaviour with arena issues (audience, materiality, scope and core priorities, purpose of reporting and relevance to sustainable development)”.FindingsThis study reveals the source of motivation and influence of the new standard setters in the sustainability reporting arena and documents the relevance of their behaviour as an actionable strategy to change the arena rule. Particularly, this paper demonstrates the perceived fall away from driving business behaviour towards the pursuit of sustainable development if the GRI and its standards cease to exist.Practical implicationsThe pathway to achieve sustainable development and improve sustainability impact disclosure remains a debatable issue among policymakers and users of sustainability reporting standards. This study reconstructs the awareness of different dynamics at play inhibiting the harmonisation of sustainability reporting standardisation and the importance of the GRI in pursuing global sustainable development.Social implicationsThe pattern of behaviour and agenda of sustainability institutions and influential standard setters harnessed in this paper are aimed at enabling the existence of the rules that can uphold the primary focus of the sustainability reporting arena, particularly in achieving global sustainable development.Originality/valueThis paper furthers the understanding of the importance of the GRI in upholding the key tenets and traditional agenda of sustainability reporting and sustainable development.

Consensus and dissent for rail visions of 2050: Insights from a Delphi study

This study was undertaken to determine if the rail stakeholders agreed with the Rail Vision 2050 document and agreed or dissented with the vision statements contained within the document. This was important as the next generation of this document is intended to be the basis of a Strategic Research and Innovation Agenda (SRIA) for Rail. A Delphi survey revealed the consensus and the dissent in relation to the statements. The methodology is presented along with the results. The impact of this paper is that it has been used to inform the European Rail Research Advisory Council (ERRAC) to formulate the research priorities for the EU rail sector and in particular the strategic rail agenda, the SRIA. The SRIA is a key document for the rail sector and the preparation of Shift2Rail's successor within Horizon Europe: “Europe's Rail Joint Undertaking”.

From the Chair

On September 10, 2022, in Tampa, Florida, the Business Valuation Committee convened during the 85th International Appraisers Conference. We thank our business valuation conference planning committee members, cochairs Laurie-Leigh White, ASA, and Ken Pia, ASA, and Todd Larson, ASA, Jeff Tarbell, ASA, and Ronald Seigneur, ASA. The conference was well attended and held both in person and via video formats. It was great to come back together again and see so many familiar faces and make new acquaintances. Conference speakers included Roger Grabowski, FASA, Ron Seigneur, ASA, Chris Rosenthal, ASA, Chris Mercer, FASA, Michael Gregory, ASA, and Jay Fishman, FASA. Additionally, Roger received ASA's new Shannon Pratt Award, which recognizes business valuation members with notable contributions to the appraisal community. Make sure you save the date for the next International Appraisers Conference to be held in New Orleans, October 1 to 3, 2023.The BVC welcomed new committee members Dan Daitchman, ASA, and Brian Crotty, ASA. Dan hails from Chicago and is a managing director at B. Riley Advisory Services. Brian is a director at HDH Advisors, LLC, in Des Moines.At our BV Committee meeting, we discussed appraisal standards, ESG-IA, and education, among other topics. Richard Wise, ASA, standards committee chair, stated the 2021 USPAP will be in effect until December 31, 2022, and the subcommittee will be looking into standards as they relate to ligation assignments and possible conflicts, particularly at the federal level. Also appraisal standards, in general, are being considered in light of the impact of ESG (environmental, social, and governance) factors and the valuation of an enterprise.Adam Smith, ASA, is looking to put together an ESG-IA subcommittee. He participates in an international working group that examines financial standards as they relate to ESG-IA, board of directors, regulators, and stakeholders. The ESG-IA working group references standards of the European Financial Reporting Advisory Group (EFRAG), the Task Force on Climate-Related Financial Disclosures (TCFD), the International Sustainability Standards Board (ISSB), and the Global Reporting Initiative (GRI). The international ESG-IA working group is collaborating on a white paper that will discuss the metrics and quantitative disclosures that can impact enterprise value.In education subcommittee news, Bill Johnston, ASA, discussed new upcoming one-day courses that are being planned and our first ever ESOP Virtual Conference held June 21. The conference was well attended with timely topics, including discussion of the landmark Bowers case, the increase in class action lawsuits by private plaintiffs, and the do-away of control premiums by trustees. Liza Bowersox, our webinars education chair, discussed increasing the number of one-hour webinars to add to our collection of two-hour webinars and to suggest that conference speakers also do an extension of their topic into a webinar.Since releasing the sixth edition of Valuing a Business (VAB6), the ASA has made the text available online in electronic format. Additionally, our POV education courses are being revised to coincide with the layout of VAB6, which is now overseen by the ASA as Dr. Shannon Pratt's legacy to the business valuation community. We are already in talks to update the sixth edition, possibly as early as 2023, as well as work on another text originally authored by Dr. Pratt.The BVC will now have meetings quarterly, all being via teleconference with the one in-person meeting taking place at the annual conference. You are welcome to guest at any of these meetings, and I also highly encourage you to volunteer for subcommittees or even seek a position as a BVC member. Ultimately, the ASA needs our members to support its sustainability and future.

Vaccination and Antibody Testing in Cats.

Vaccines protect cats from serious diseases by inducing antibodies and cellular immune responses. Primary vaccinations and boosters are given according to vaccination guidelines provided by industry and veterinary organizations, based on minimal duration of immunity (DOI). For certain diseases, particularly feline panleukopenia, antibody titres correlate with protection. For feline calicivirus and feline herpesvirus, a similar correlation is absent, or less clear. In this review, the European Advisory Board on Cat Diseases (ABCD) presents current knowledge and expert opinion on the use of antibody testing in different situations. Antibody testing can be performed either in diagnostic laboratories, or in veterinary practice using point of care (POC) tests, and can be applied for several purposes, such as to provide evidence that a successful immune response was induced following vaccination. In adult cats, antibody test results can inform the appropriate re-vaccination interval. In shelters, antibody testing can support the control of FPV outbreaks by identifying potentially unprotected cats. Antibody testing has also been proposed to support decisions on optimal vaccination schedules for the individual kitten. However, such testing is still expensive and it is considered impractical to monitor the decline of maternally derived antibodies.

A commentary on the “new” institutional actors in sustainability reporting standard-setting: a European perspective

PurposeThe purpose of this paper is to discuss the progress and future prospects of two relatively “new” institutions in this field: the European Commission (EC), together with the European Financial Reporting Advisory Group (EFRAG), and the International Financial Reporting Standards (IFRS) Foundation.Design/methodology/approachThis paper reflexively analyses the recent events that characterise the European Union (EU) regulatory standard-setting landscape in the sustainability field. It is mainly based on publicly available documents.FindingsAfter analysing the different routes followed to enter the field, this paper shows how the EC/EFRAG takes a wider view than the IFRS Foundation on certain key reporting aspects, that is, target audience, materiality and reporting boundary. As for the reporting scope, although it seems that the IFRS Foundation has a more restrictive vision, it is working to broaden it.Practical implicationsThis paper provides some ideas about the potential cooperation between the two institutions. This paper also highlights some potential problems stemming not only from their intrinsic characteristics but also from the routes they have taken to enter the field.Social implicationsBy envisioning how the EU sustainability reporting standard-setting landscape might evolve, this paper sheds light on how companies might need to approach sustainability reporting to adapt to the new institutional demands. Suggestions for collaboration between the two institutions could help them reach common ground and, thus, prevent misunderstandings for companies and stakeholders.Originality/valueThe reflections and takeaways benefit from the authors’ first-hand information, as both are involved in the EU process. The authors could, therefore, feed into further discussions on the developments and challenges facing the EU in this domain.

Harmonization of Sustainability Reporting Regulation: Analysis of a Contested Arena

This paper presents the case for the sustainability reporting field as a contested arena and examines the behavior and the influence of the various actors, such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), the International Integrated Reporting Council (IIRC), and the European Commission, including the European Financial Reporting Advisory Group (EFRAG) and the International Financial Reporting Standards (IFRS) Foundation in influencing the shape of the regulation in the arena. Drawing on the arena concept and documentary analysis, this study explores the dynamic in which each actor is attempting to change the rules within the arena and how this contributes to the harmonization and future direction of sustainability reporting. The findings of this study show that the actions and behavior of the various actors are premeditated and strategically calculated to maintain their influence, relevance, and defend their technical authority in the arena. The findings also suggest that sustainability reporting regulation is still far away from harmonization due to the perceived hegemony in the arena, and diversity in the overarching objective of the various actors and the inability of each actor to renounce its particular perspective and orientation. Insights are provided for policy makers on the urgent need to decide and reclassify the specific rules required in upholding the sustainability reporting arena.

Calicivirus Infection in Cats.

Feline calicivirus (FCV) is a common pathogen in domestic cats that is highly contagious, resistant to many disinfectants and demonstrates a high genetic variability. FCV infection can lead to serious or even fatal diseases. In this review, the European Advisory Board on Cat Diseases (ABCD), a scientifically independent board of experts in feline medicine from 11 European countries, presents the current knowledge of FCV infection and fills gaps with expert opinions. FCV infections are particularly problematic in multicat environments. FCV-infected cats often show painful erosions in the mouth and mild upper respiratory disease and, particularly in kittens, even fatal pneumonia. However, infection can be associated with chronic gingivostomatitis. Rarely, highly virulent FCV variants can induce severe systemic disease with epizootic spread and high mortality. FCV can best be detected by reverse-transcriptase PCR. However, a negative result does not rule out FCV infection and healthy cats can test positive. All cats should be vaccinated against FCV (core vaccine); however, vaccination protects cats from disease but not from infection. Considering the high variability of FCV, changing to different vaccine strain(s) may be of benefit if disease occurs in fully vaccinated cats. Infection-induced immunity is not life-long and does not protect against all strains; therefore, vaccination of cats that have recovered from caliciviral disease is recommended.