Updated Accounting Framework Promotes Sustainable Value Creation

The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has significantly updated its Sustainability Framework, a tool to support professional accountants and their organisations as they integrate sustainability into their strategy, operations, and reporting.

 

The Framework highlights the important roles that professional accountants play in facilitating the sustainable development of their organisations, as well as the importance of adopting an integrated approach to business reporting.

 

Embracing sustainability and corporate responsibility from three perspectives—strategy, operations, and reporting—is critical to gaining the trust of stakeholders and the wider public, and ultimately ensuring sustainable value creation.

 

Through key considerations, as well as examples from major international corporations, smaller firms, professional accountancy organisations, and leaders from around the world, the Framework provides a comprehensive view of some of the current best practices globally in each of these areas, and is applicable to entities of all sizes and levels of complexity.

 

“Professional accountants are already doing much to help organisations minimise waste, create efficiencies, and cut costs, which is undoubtedly the biggest driver for embracing sustainability,” says Roger Tabor, chair of the PAIB Committee. “However, accountants also need to be prepared to take on new and expanded roles, activities, and skills as they support their organisations in charting a more sustainable path. The Framework can help them on this journey."

 

Says Ian Ball, CEO of IFAC: “To successfully embed sustainability within an organization, business leaders and professional accountants must recognise the importance of incorporating environmental, social, and governance factors into all functions and processes—from strategic planning and goal setting, to external communications and reporting."

 

"And, each of these areas is interconnected: to produce high-quality sustainability and integrated reports, these factors must be embedded into an organisation’s culture and decision making,”

 

 

MORE ARTICLES ON SUSTAINABILITY

Read more on

Suggested Articles

Some of you might have already been aware of the news that Questex—with the aim to focus on event business—will shut down permanently all media brands in Asia…

Some advice for transitioning into an advisory role

Global risks are intensifying but the collective will to tackle them appears to be lacking. Check out this report for areas of concern