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BusinessToday
5 days ago
- Business
- BusinessToday
Malaysia's Commitment To Sustainability Reporting Aligns With Global Standards
The International Financial Reporting Standards (IFRS) Foundation has recognised Malaysia's commitment to sustainability reporting in its recently issued Jurisdictional Profile, noting that Malaysia is the only jurisdiction in the ASEAN region adopting the standards. This recognition in the Jurisdictional Profile underscores the global standing of Malaysia's National Sustainability Reporting Framework (NSRF). Launched in September 2024 and developed by the Advisory Committee on Sustainability Reporting (ACSR), the NSRF is a significant step in advancing Malaysia's corporate sustainability agenda. The NSRF phases in the adoption of ISSB Standards, specifically IFRS S1 and IFRS S2. Starting with a 'limited transition' approach, Malaysia extends certain transitional standard reliefs, including 'climate-first' reporting and deferred Scope 3 GHG emissions disclosures. This approach facilitates a smooth transition to full adoption of the ISSB Standards, while recognising the varying levels and maturity in sustainability practices and reporting across companies. The SC Chairman Dato' Mohammad Faiz Azmi said that the ACSR welcomes the ISSB's endorsement, which represents an important recognition of our efforts in using the ISSB Standards as the baseline for sustainability disclosures in Malaysia. 'The ACSR is cognisant of the high standards the ISSB Standards has set for sustainability reporting, and the challenges this may pose to entities. We remain committed to equipping reporting entities to meet these requirements,' he said. To ensure the readiness of applicable entities, the NSRF introduced the PACE (Policy, Assumptions, Calculators, Education) initiative, providing training, tools and resources. This includes training on interoperability between the Global Reporting Initiative (GRI) Standards and ISSB Standards conducted in March this year. Other upcoming PACE initiatives include the development of Illustrative Sustainability Reports to guide company disclosures and an NSRF Preparers' Programme to strengthen capacity. The ACSR will also continue engaging with the industry to understand sector-specific challenges in adopting the ISSB Standards. The first cohort of Jurisdictional Profiles was published by the IFRS Foundation on 12June 2025. The publication provides transparency to capital markets on the adoption approaches of different jurisdictions. Related
IOL News
06-06-2025
- Business
- IOL News
CIMA enhances CGMA Professional Qualification syllabus to align with modern finance
Craig Henery, ACMA, CGMA, CFO at DHL Express South Africa; Tariro Mutizwa, ACMA, CGMA, Vice President at AICPA & CIMA; Catherine Chettiar, FCMA, CGMA, Finance Senior Manager for Business Reform at Toyota South Africa; Stephen Flatman, Vice President of Education and Professional Qualifications, Management Accounting at AICPA & CIMA; and Grant Driver, Founder of Captivate International. Image: Supplied The Chartered Institute of Management Accountants (CIMA) has unveiled its CGMA Professional Qualification syllabus for 2026. This upgrade is designed to prepare students for the future of work and meet the growing expectations of modern finance professionals to be high-performance finance business partners capable of utilising technology and applying critical thinking skills. The emphasis on finance business partnering and applied problem solving aligns with AICPA and CIMA's Future of Finance 2.0 research and the World Economic Forum's Future of Jobs Report 2025, which predict that combining technology and human insight will be crucial for career success in the knowledge economy and essential for future accounting and finance roles. The upgraded syllabus enhances key competencies and behaviours such as finance business partnering, analytical thinking, and strategic planning while broadening its scope to include sustainability (e.g. green finance, environmental costing, and disclosures under IFRS S1/S2) and cutting-edge financial technologies (GenAI) content. "With a focus on finance role simulations embedded in our Case Study exams, the CGMA Professional Qualification allows finance professionals to quickly develop and apply cognitive, digital, and technical skills needed as finance business partners. Our unique problem-solving educational approach helps them provide expert advice, support decision-making, and create value for organisations." commented Stephen Flatman, Vice President of Education and Professional Qualifications, Management Accounting at AICPA and CIMA. 'This year's update to the CGMA Professional Qualification syllabus sets it apart from traditional accounting and finance education, which still focuses heavily on preparing information, controls, and compliance – tasks increasingly automated by technology. The CGMA Professional Qualification is designed for the future of finance; created by finance professionals to equip future finance professionals with skills they need to be value creators,' added Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting at AICPA and CIMA. 'The updated CGMA Professional Qualification syllabus represents a significant advancement in the development of finance and accounting professionals across Africa. By integrating key competencies such as business partnering, analytical thinking, strategic planning, and sustainability, it ensures that our members and candidates are equipped with the expertise required to navigate the complexities of the modern business landscape. This evolution aligns with global industry demands, reinforcing our commitment to fostering highly skilled professionals who drive economic growth and corporate resilience' said Tariro Mutizwa, ACMA, CGMA, Vice President, Africa at AICPA and CIMA. These changes do not impact learners taking CGMA exams in 2025. A Case Study and Objective Tests study support materials pack will be launched in October to help students prepare for the May 2026 CGMA exams. CIMA has also created over 50 hours of free study support materials to help candidates progress through exams and their journey to becoming CGMA designation holders. Full details can be found on the CIMA website.
Yahoo
23-05-2025
- Business
- Yahoo
ACCA and MonICPA renew partnership
The Association of Chartered Certified Accountants (ACCA) and the Mongolian Institute of Certified Public Accountants (MonICPA) have renewed their partnership to strengthen Mongolia's accountancy profession. The agreement, renewed in mid-May 2025, focuses on providing pathways for mutual membership and emphasises public sector development in Mongolia. The five-year agreement highlights the collaboration between ACCA and MonICPA to promote ACCA's Public Financial Management and International Public Sector Standards qualifications. Both bodies aim to engage with donor agencies to support public sector development and focus on the role and certification of accounting technicians in Mongolia. ACCA has committed to sharing its research and professional insights, while both organisations plan to explore collaborative research opportunities. ACCA Central Asia, Mongolia and Armenia head Zhanna Iskenova said: 'It is so encouraging to witness the renewal of this partnership. ACCA and MonICPA share a common strong interest in the advancement of the accountancy profession in Mongolia especially in strengthening professional capacity and building accountancy infrastructure in the country. I look forward to working with colleagues in ACCA and MonICPA in achieving our mutual aims.' MonICPA CEO Baasandorj Oyunbaatar said: 'MonICPA is committed to carry on the excellent work we have already achieved with ACCA. At its heart this relationship promotes the highest profession, ethical and governance standards and by doing that clearly advances the public interest. 'We are keenly interested in co-operating with ACCA on professional training education and examinations.' In addition to the partnership with MonICPA, ACCA recently collaborated with the Astana International Financial Centre (AIFC) Green Finance Centre. In April 2025, the association hosted a seminar in Astana, Kazakhstan, to enhance the understanding of sustainability disclosures among Central Asian regulators and business leaders. The Capacity Building Seminar provided insights into International Sustainability Standards Board standards, featuring case studies and practical training on preparing sustainability reports focused on IFRS S1 and S2. "ACCA and MonICPA renew partnership" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
30-04-2025
- Business
- Forbes
IFRS Seeks Input On Reducing Scope 3 Sustainability Reporting Requirements
On April 28, the International Sustainability Standards Board released an exposure draft proposing a reduction in climate related reporting requirements. The move comes as sustainability reporting requirements, viewed as inevitable in 2021, are being rolled back globally. The ISSB proposal calls for a reduction in Scope 3 reporting requirements, a move that will further frustrate climate activists. The draft is open for comment until June 27, with the changes expected to be adopted by the end of 2025. Sustainability reporting, climate related risk reporting, and broader environmental, social, and governance reporting, requires companies to disclose information relating to climate change and environmental concerns in a specialized financial report. The climate related disclosures, including greenhouse gas emissions, are the direct result of the Paris Agreement and the goal to reduce GHG emissions to net-zero by 2050. The push for sustainability reporting saw drastic gains over the past few years. The United Nations formed industry specific initiatives to drive the reduction of GHG emissions. Financial investors forced businesses to voluntarily disclose information to allow for informed decision making on non-financial factors. This connection created a need for an international standard for sustainability reports. In 2021, during COP 26, the International Financial Reporting Standards (IFRS) Foundation trustees announced the formation of the International Sustainability Standards Board (ISSB) 'to develop—in the public interest—a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors' information needs. In 2023, the the ISSB released the IFRS Sustainability Disclosure Standards. The IFRS Sustainability Disclosure Standards are divided into two reporting tiers, IFRS S1 and IFRS S2, with both going into effect January 1, 2024. The IRSR Sustainability Disclosure Standards mandated reporting from three different sources, known as scopes. Generally, Scope 1 refers to direct GHG emissions from sources that are owned or controlled by the company, Scope 2 refers to GHG emissions from the generation of purchased electricity consumed by the company, and Scope 3 refers to indirect GHG emission along the value chain. Scope 3 has been the most problematic for companies. The gathering of the information not only required forcing suppliers to disclose GHG emissions, but also the calculation of the emissions of consumers. Companies have advocated that this is overly burdensome and too costly. While the move from the ISSB is surprising, it is following international trends. While the European Union initially included Scope 3 in the European Sustainability Reporting Standards formed under the Corporate Sustainability Reporting Directive, proposals are currently under consideration to reduce the ESRS requirements, including the impact of Scope 3. In the U.S., the Securities and Exchange Commission initially included Scope 3 in their Climate-Related Risk Rule, however excluded it in the final rule. The rule never went into effect due to legal challenges. Following the 2024 election of President Trump, the SEC has started the process to revoke the rule. In the press release, Sue Lloyd, ISSB Vice-Chair, said: "It is the role of a responsible standard-setter to listen to market feedback from the earliest implementation stages, and to support preparers in the application of our Standards. As a market-focused standard-setter, we have taken steps to respond in a timely manner by proposing targeted amendments helping preparers where possible, without causing too much disruption and ensuring that our Standards continue to enable the provision of decision-useful information to investors. 'Proposing these amendments to a relatively new Standard is not a decision that was taken lightly—we have carefully considered the need for such amendments and have sought to balance the needs of investors while considering cost-effectiveness for preparers. Our due process is fundamentally important to us. We always consult our stakeholders when proposing changes to our Standards and are balancing the need to respond to stakeholders' needs on a timely basis with giving all interested parties the opportunity to participate in providing feedback by setting a 60-day comment period.' The proposal includes 'relief from measuring and disclosing Scope 3 Category 15 GHG emissions associated with derivatives and some financial activities; relief from the use of the Global Industry Classification Standard (GICS), in some circumstances, in disclosing disaggregated financed emissions information; clarification on the jurisdictional relief to use a measurement method other than the Greenhouse Gas Protocol for measuring GHG emissions; and permission to use jurisdiction-required Global Warming Potential (GWP) values that are not from the latest Intergovernmental Panel on Climate Change (IPCC).' The comment period is open until June 27. Those wishing to comment may do so either through a comment letter or the online survey. If the ISSB significantly rolls back Scope 3 reporting, sustainability reporting around the world will look drastically different.
Zawya
29-04-2025
- Business
- Zawya
Gulf Bank issues its fifth Annual Sustainability Report for 2024
Meshal Al-Wazzan: "We have completed the Bank's sustainability governance infrastructure, following the implementation of the 'Sustainable Finance' and 'Environmental, Social, and Governance (ESG) Risk Management' frameworks.' 'We established an internal policy to document the Bank's sustainability commitments and developed transparent criteria for classifying and evaluating sustainability-related initiatives." "This year, we are preparing to implement the IFRS S1 and S2 sustainability disclosure standards, deepening the integration of ESG considerations into regulatory policies.' Gulf Bank has officially released its Fifth Annual Sustainability Report for the year 2024, titled 'From Vision to Execution', highlighting the Bank's advancements in sustainability in line with Kuwait Vision 2035. The report is aligned with the Global Reporting Standards (GRI), MSCI ESG rating criteria, the United Nations Sustainable Development Goals (SDGs), and the sustainability disclosure guidelines issued by the Kuwait Stock Exchange. The report highlights Gulf Bank's key achievements in executing its ESG strategy, highlighting its prominent role in accelerating the national sustainability agenda through strategically selected initiatives. It emphasizes the Bank's active contributions to fostering a sustainable approach within society by adopting responsible practices in the environmental, social, and governance (ESG) fields, while providing innovative financial solutions and services to its clients. Core Pillars On this occasion, Mr. Meshal Al-Wazzan, Chief Strategy Officer at Gulf Bank, stated, 'In 2024, our focus remained steadfast on advancing our sustainability strategy through sustainable banking solutions and community-centric initiatives, which are key pillars across the Bank's path toward creating a long-lasting positive impact.' He added: "Our journey towards sustainability has been marked by several key milestones. Among the most notable achievements was the completion of the Bank's sustainability governance infrastructure, following the development of the Bank's 'Sustainable Finance' and 'Environmental, Social, and Governance (ESG) Risk Management' frameworks. Additionally, we established an internal policy to document the Bank's sustainability commitments and developed transparent criteria for classifying and evaluating sustainability-related initiatives." The report further highlights the Bank's significant achievements in reducing its carbon footprint, enhancing monitoring and follow-up systems, improving facilities management, and advancing responsible banking practices. It also showcases progress in corporate governance standards, with a focus on responsible governance, equitable workplace, employee empowerment, professional development, and gender equality. Commitment to National Economy Gulf Bank reaffirms its steadfast commitment to sustainability through its diverse Corporate Social Responsibility (CSR) initiatives and long-term strategic partnerships. The Bank further expanded its support for small and medium-sized enterprises (SMEs), recognizing their crucial role in driving economic growth and contributing to the broader goals of Kuwait's 2035 Vision. The year 2025 will mark several significant milestones, including its readiness for the implementation of the IFRS S1 and S2 sustainability disclosure standards, emphasizing the integration of ESG considerations into the Bank's policies, governance charters, communication channels, and reporting procedures, in parallel to ensuring a more seamless execution and monitoring of the Bank's strategies. Mr. Al-Wazzan concluded, 'As we look to the future, we reaffirm our commitment to delivering exceptional banking products and services to our clients, partners, and community, as we continuine to actively contribute to shaping a sustainable and resilient future for the State of Kuwait.' Gulf Bank launched its 2030 Environmental, Social, and Governance (ESG) Strategy last year. The strategy outlines clear goals for implementing sustainability standards and measurable key performance indicators, leading to the adoption of selected initiatives that promote environmental sustainability, social responsibility, and corporate governance. This approach reflects the Bank's core values and serves as a guide across all aspects of its practices and banking operations. The strategy is built on four main pillars: Accountable Governance, Equitable Workforce, Empowered Community Engagement, and Responsible Banking. Key Achievements in 2024: Regulatory Framework for Sustainable Finance Formulation of sustainability-related policies Evaluation of initiatives from an ESG perspective Integration of climate and ESG risks Strengthened disclosure and reporting processes Development and execution of sustainability strategies
