MUSCAT Auditing and Accounting Services’ Post

Crowe Global #AsiaPacific #sustainability reporting group met today Crowe Singapore. Members from the region’s leading countries shared #knowledge about development of #ESG reporting. Countries are implementing #ISSB International Sustainability Standards Board (ISSB) for company reporting with #assurance required under #ISSA5000 International Auditing and Assurance Standards Board (IAASB). There is also impact in the region from #EU #CSRD where businesses have #European ownership or components. The group is #collaborating to deliver solutions that enable businesses to deliver the required information. #ESG reporting has positive benefits and is sought by #investors but reliable information has to be prepared with strong #internalcontrols. #WeAreCrowe

ESG in Saudi Arabia: A Growing Regulatory Landscape. Environmental, Social, and Governance (ESG) has emerged as a critical factor in sustainable business practices. ESG encompasses a company's commitment to environmental protection, social responsibility, and ethical governance. Saudi Arabia's Progress: Saudi Arabia has made significant strides in integrating ESG principles into its business landscape. The Kingdom's Vision 2030 has set ambitious goals for sustainable development, driving regulatory reforms and promoting ESG awareness. Key Regulatory Developments: 1-Capital Market Authority (CMA) Guidelines: The CMA has introduced comprehensive ESG disclosure guidelines for listed companies, covering topics like climate change, human rights, and corporate governance. 2-Saudi Stock Exchange (Tadawul) Initiatives: Tadawul has partnered with international organizations to foster ESG awareness and best practices among listed companies. 3-Sustainable Finance Framework: The Saudi Arabian Monetary Authority (SAMA) has established a framework for sustainable finance, encouraging financial institutions to integrate ESG factors into their decision-making. Benefits of ESG Adoption: 1- Enhanced Reputation: Adhering to ESG principles can improve a company's reputation among investors, customers, and employees. 2-  Attracting Investment: ESG-focused investors are increasingly seeking out companies with strong sustainability practices.  3-  Risk Management: Integrating ESG factors into business strategies can help identify and mitigate potential risks.    Innovation: ESG initiatives often drive innovation and create new business opportunities. The Future of ESG in Saudi Arabia: As ESG regulations continue to evolve, Saudi companies must stay informed and adapt their practices to meet growing stakeholder expectations. By embracing ESG principles, businesses can contribute to a more sustainable and prosperous future for Saudi Arabia.  

What do you know about Sustainability Reporting? Is your business engaged in Sustainability disclosures? What does IFRS S1 and S2 mean for your business growth? How can business in Ghana effectively adopt and implement Sustainability Standands? Find answers to these and more at our National Stakeholder Dailogue on Sustainability Reporting to streamed live on Facebook and YouTube @ICAGH1 Watch this space for more updates !!!! PAN AFRICAN FEDERATION OF ACCOUNTANTS IFAC ACCA Deloitte EY PwC #ICAG #SustainabilityRoadshow #sustainabilityreporting

Watch tomorrow’s episode of The Shift Asia. I’ll be speaking about the eight-stage sustainability reporting cycle for creating sustainability-related information. The ACCA sustainability reporting guide encourages all ‘to start’ their journey. Organisations of all sizes need to start somewhere. Hopefully this guide becomes your ‘somewhere’, and you’ll ramp up efforts thereafter.  If you’re feeling overwhelmed, approach the guide by stages. The guide was designed to enable readers to approach each stage separately. There may be times to take two steps back to review progress and perhaps adjust the processes where necessary. So, if you don’t know where to start, watch this interview and read the sustainability reporting guide at https://lnkd.in/gTi4bpuG #AccountingForABetterWorld #sustainabilityreporting 

The International Auditing and Assurance Standards Board (IAASB) has introduced the International Standard on Sustainability Assurance (ISSA) 5000. These standards outline the general requirements for sustainability assurance engagements, aiming to enhance trust and confidence in sustainability information. The standard emphasizes a principles-based approach, enabling practitioners to apply professional judgment in their assurance engagements, making it applicable across various sustainability topics and reporting frameworks. The new standard is applicable for both limited and reasonable assurance engagements and is able to work with both traditional materiality as well as double materiality. The standards can be used in several sustainability reporting frameworks to map both the risks and impact of sustainability issues on an enterprise, as well as the enterprises’ impacts on the environment and society. This development will be impacting India’s ESG Regulations (BRSR) with the update in Standard on Sustainability Assurance Engagements (SSAE) frameworks, which were inspired from ISAE 3000 standards.   #esg #esgassurance #sustainabilityreport #brsr #brsrassurance #sustainabilityassurance #climatefinance #ssae #isae https://lnkd.in/gEgWWG7s

Dual qualification could be your edge, especially with ESG taking centre stage. UAE clients are increasingly focused on sustainability, governance, and ethical standards – topics that require more than local expertise. Understanding the ins and outs of both UK and UAE legal frameworks can make you invaluable in ESG matters, positioning you as the go-to advisor for clients navigating these complex demands. 🔗 Read more: https://lnkd.in/gamc8t6e Mayumi Brown

Potential Challenges of ISSB Sustainability Reporting Standards Adoption in Indonesia The requirements in the ISSB standards integrate with and are consistent with the TCFD, while also adding additional specificity and requirements that are not present in the TCFD recommendations. Companies already reporting under the TCFD are at an advantage, though they will need to extend the scope and level of detail. For example, related to the targets used to manage climate-related risks and opportunities, IFRS S2 requires disclosure of more detailed information on GHG emissions targets (additional specificity), including additional information about the planned use of carbon credits (additional requirement) to achieve a company’s net GHG emissions targets. In IFRS S2, there are six additional specificities and 16 additional requirements beyond the TCFD’s four core recommendations and 11 recommended disclosures. 1️⃣ Governance: 1 additional specificity 2️⃣ Strategy: 3 additional specificities and 4 additional requirements 3️⃣ Risk Management: 1 additional specificity and 2 additional requirements 4️⃣ Metrics and Targets: 1 additional specificity and 10 additional requirements In Indonesia, the adoption of TCFD reporting remains low. In 2023, only 40% of the 50 companies studied by AIA and just 10% of the 50 companies studied by PwC currently doing so. This suggests that the adoption of ISSB standards, which are built on the TCFD framework, may face significant challenges in Indonesia. To mitigate these challenges, I recommend that companies begin reporting early—either by adopting TCFD or transitioning directly to the ISSB standards—before mandatory regulations are in place. #sustainabilityreporting #issbstandards #ifrsS1 #ifrsS2

As companies face pressure to align with global standards in #ESG, the role of legal professionals becomes ever more critical. Dual qualification enhances a lawyer’s ability to tackle the complexities of ESG across jurisdictions. While legal qualifications alone won't provide all the answers, they do enrich the contributions lawyers can make towards responsible outcomes. #ESG #Sustainability #LegalProfession

Some colleagues and friends have been reaching out to me about ESG reporting. Before diving into sustainability reporting, it's crucial to understand the regulatory process, which seems to be a gap for many of you who are seasoned environmental professionals are missing. For corporate sustainability reporting, I recommend consulting the Financial Reporting Council. They can guide you through the new ISSB standards and connect you with the right resources persons , especially if you're part of an organization. However, I anticipate that this advice may only resonate once you encounter challenges in your work understand that the report needs regulatory approvals #ESG FINANCIAL REPORTING COUNCIL OF NIGERIA Iheanyi Anyahara, Ph.D, FCA, FFAR, MNIM, CNA #Sustainabilityreporting

The Corporate Sustainability Reporting Directive (CSRD) has officially been adopted into Greek law through Law 5164/2024, marking a significant milestone for businesses operating in Greece. The CSRD—an EU directive aimed at enhancing sustainability reporting—requires companies to disclose detailed information on their environmental, social, and governance (ESG) performance. This new legislation incorporates both Directive 2022/2464 and delegated Directive 2023/2775 into the Greek legal framework, aligning the country with the EU’s ambitious sustainability objectives. At SKOPOS ESG, we understand the complexities of adapting to these enhanced reporting standards. With our strong presence in Greece and expertise in navigating ESG regulations, we’re here to guide your business through this transition seamlessly. 📢 Now is the time to ensure compliance. Reach out to us today and let’s work together to meet the new CSRD requirements effectively and efficiently. #CSRD #SustainabilityReporting #ESG #Greece #SkoposESG #Sustainability