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Accounting and Financial Reporting Conference Discusses Ways to Integrate International Sustainability Standards into Local Practices
04-Dec-2024
DUBAI - In the presence of Ms. Asma Rasmouki, president of the International Federation of Accountants (IFAC), the UAE Accountants and Auditors Association, with the support of the Ministry of Economy, and in cooperation with the International Federation of Accountants, organized the Middle East and North Africa Sustainability Conference, entitled "Accounting and Financial Reporting".
Mr. Jamal Milhem, IIASCA board member, and Mr. Salem Al-Ouri, IIASCA executive director, participated in the Conference.
During the event, the participants shed light on future trends in accounting and financial reporting related to sustainability, and discussed the crucial role of accountants in supporting sustainable strategies for companies.
Mr. Milhem stated that the Conference provided a platform to discuss ways to integrate international sustainability standards into local practices, highlighting the importance of cooperation between public entities and the private sector to achieve common goals in financial sustainability while maintaining high international standards.
“Sustainability is now a focus for many stakeholders, and we support the adoption of the International Sustainability Standards Board (ISSB) Sustainability standards issued approximately two years ago,” said Ms. Rasmouki, , adding that these standards will become effective starting January 2025 in many countries.
For his part, Prof. Abdul Rahman Al Zarouni, chairman of the Organizing Committee and Board Member of the Emirates Association of Certified Public Accountants, stressed the need for cooperation between stakeholders in the field of accounting to achieve financial sustainability, noting that this conference is the first of its kind in the Middle East and North Africa region, and is attended by experts from many countries, along with government officials and specialists from IFAC.
Participants furthermore discussed the application of financial disclosure standards related to sustainability and climate change, such as “IFRS S1” and “IFRS S2”, in addition to new auditing standards such as ISSA Standard 5000, which specializes in auditing financial disclosures related to sustainability.