The European Parliament is considering legislation that would require large companies to broaden corporate reporting and add environmental, social and governance risk. Groups representing German industry have objected to such a mandate. Meanwhile, the International Integrated Reporting Council has proposed a framework that would be a voluntary, worldwide effort. The IIRC proposal heralds a paradigm shift comparable to when 18th-century British factory owners added wage labor and large capital investment to double-entry accounting developed by Italian merchants in the Middle Ages.

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