AICPA and CIMA urge accounting, finance professionals in SL to seize opportunity presented by ESG agenda

Monday, 30 January 2023 00:20 - - {{hitsCtrl.values.hits}}

The leader of the world’s largest body of accountants and finance professionals, AICPA and CIMA,together as the Association of International Certified Professional Accountants, last week in Colombo urged the accounting and finance community in Sri Lanka to take the lead in guiding

businesses and public bodies through the opportunities and risks presented by the environmental, social and governance (ESG) agenda.

Addressing business, accounting and financial professionals during AICPA and CIMA ESG Summit in Sri Lanka, CEO Barry Melancon, CPA, CGMA, set out how governments and market participants are driving the adoption of ESG reporting worldwide. He told them that the accounting and finance profession must grasp the opportunity to provide advisory, assurance and strategic advice to help create the sustainable businesses of the future.

Melancon then reminded his audience that ESG assets will reach 50 trillion dollars by 2025 and will be a key value driver for business over the next five years, and that the accounting and finance profession would be required to set its skills and competencies to the task of realising this ambition.

AICPA...

By embracing the possibilities offered by the latest technology, he argued that accountants can improve an organisation’s integrated thinking and decision-making capabilities, and that in turn this can promote responsible and sustainable business practices.

At the event, Melancon also announced the launch AICPA and CIMA’s Fundamentals of ESG Certificate in Sri Lanka, a new educational certificate that provides foundational knowledge on critical topics related to ESG reporting, advisory, and assurance.

The nine-hour course offers a grounding in the fundamental concepts of and the latest developments within the ESG field. Upon completion, certificate holders can display a digital badge on their online profiles.

Melancon said: “We are seeing increasing demand in Sri Lanka for our professional qualifications and training. This will grow the number of accounting and finance professionals who are able to manage the risks and grasp the opportunities presented by the need to develop sustainable business models and drive economic growth.

“Along with technological developments which are revolutionising the profession, that means that accountants in Sri Lanka have a once in a life-time chance to step up, instil trust and integrity, and lead the way in building the businesses of the future.”

The AICPA and CIMA ESG Summit was attended by top corporate executives in Sri Lanka. In addition to Melancon’s presentation, the event also included a case study presentation by Aitken Spence Hotels Head of Sustainability Operations Rishard Preena. This was followed by a panel discussion with Preena, AICPA and CIMA Chief Executive – Management Accounting Andrew Harding, Dilmah Tea Head Conservation and Sustainability Shamodi Nanayakkara, United Nations Resident Coordinator's Office in Sri Lanka Partnerships and Development Finance Specialist Azam Bakeer Markar and MAS Holdings Director Product Creation and Sustainable Business Nemanthie Kooragamage.