Accounting for sustainability has now catapulted into the centre stage as the evolving agenda of the Professional Accountants be they be in practice or employed in business. The concept paper issued by the A4S in December 2006, raises very interesting issues at a very high level and has documented several perspectives on the domain.
The paper includes thought processes such as the deficiencies in the current form of financial reporting (IFRS included) in addressing sustainability issues and extended implications on investment appraisal techniques. It has also extended the cost accounting to the approach Full Cost Accounting (FCA) on which the world is going to witness very structured evolution to align with the integrated reporting framework. IFAC PAIB Task Force on Sustainability also has planned some out comes in the area.
In this environment, the professional accounting bodies in South Asia need to be on the forefront on leading the movement rather than taking a ring side view only. SAFA in particular has to motivate and enable its member bodies to nurture and develop the thinking on Competency Framework of Professional accountants on Sustainability.
It is extremely gratifying to note that ICAP and ICMAP the two member bodies of SAFA from Pakistan have shown the way to the world by coming together in instituting the Sustainability Awards. Through the assessment mechanism the Joint Committee has done a tremendous job. On behalf of SAFA , it is my proud privilege to place on record their unparalleled efforts and may their energy see the evolution of SAFA Awards on Sustainability in the days to come. ICAP and ICMAP joint initiative is an exemplary example of aligning with the Strategy Matrix and its themes in SAFA.
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