News
Abu-Ghazaleh: We exert our utmost efforts to build capacity of the next generation of accountants with the highest professional skills
04-Jun-2023
ISLAMABAD - The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) organized the International Convention of Accountants 2023 in Bhurban- Pakistan under the slogan ‘Advancing the Accounting Profession’. The Convention was chaired by Mr. Shehzad Malik, president of ICMA Pakistan, and attended by Ms. Asmaa Resmouki, president of the International Federation of Accountants (IFAC). The Convention was held with the aim of addressing the challenges facing the accounting profession.
On behalf of HE Dr. Talal Abu-Ghazaleh, board member of the International Arab Society of Certified Accountants (IASCA), a member of the PAO Development & Advisory Group, and head of the IFAC working group for the development of professional institutions in the Middle East and North Africa, Mr. Jamal Milhem, participated in the Convention.
During the event, several interactive sessions were held to discuss various sub-themes including Environmental, Social, Governance (ECG) Sustainability: The Accounting Perspective, Technological Advancements: Global Challenges and Opportunities for Accountants in Financial Sector; and Accountants’ Role in Averting Climate Catastrophe and Economic Downturn.
For his part, Mr. Milhem presented a paper about the recent updates of the International Sustainability Standards (ISS) issued by the IFRS Foundation, affirming that such standards will be effective by the end of 2023. He also gave a brief on the benefits of applying the ISS on disclosures at the levels of entities, users, and society, submitting recommendations that professional bodies and accountants should consider to contribute and prepare for the application of ISS Standards.
Additionally, Mr. Milhem emphasized that the ISS Standards will help professional and financial accountants provide solutions to businesses, and international policymakers concerning the detection of climate-related threats and opportunities, where the users of such reports will be able to reflect these significant threats and opportunities on their business models, strategies, cashflows, and access to adequate capital and financing.
He also noted that the ISS would effectively help local authorities and stakeholders who are in charge of the industry in every country transform the financial reports into high-quality information through the provision of consistent and comparable information.
It is worth mentioning that the International Arab Society of Certified Accountants (IASCA) is a professional, accounting, and non-profit body that has been founded on January 12, 1984, in London-UK. It was then officially registered in Amman on February 24, 1994. IASCA aims to promote accounting, auditing, and other related subjects at the international level, maintain the professional independence of accountants, ensure protection for them, and apply the standards of professional supervision over them as a means of advancing the accounting and auditing professions.
The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) was established in 1951 to regulate and promote the profession of Management Accounting in Pakistan. The Institute has been entrusted with the responsibility of provide education, examine competencies and confer internationally recognized post-graduate professional certification. The Institute has more than 7000 members, over 15,000 students, more than 200 faculty members, over 260 employees, 07 regional and 06 overseas Branch Councils, 11 education campuses, and 20 examination centers.