Sustainability reporting and assurance – why it’s taking centre stage in boardroom conversations

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I am highlighting the nuggets shared during the discussion held on the reporting requirements on adoption of international sustainability reporting standards at the ACCA Africa Members Conference held in Mombasa, Kenya.

Across the world, more countries than not have adopted sustainability reporting standards which bring in mandatory sustainability disclosures in the organisations’ financial statements to predominantly achieve 2 objectives:

– Inculcate a long-term view in the strategic decision-making process of organisations.

– Ensure that consistent matrices are being taken into consideration especially between organisations in the same sector of operation.

As a result of the challenges that emerge with the new sustainability reporting requirements, numerous opportunities arise including:

– There will be a huge demand for personnel possessing skills required to assist the respective organisations navigate the new requirements.

– New partnerships will be formed between regulators and players in the various sectors alike since no one will have full knowledge on expectations especially at the start.

– Credible information will be a new currency and there will be need for personnel / organisation who have the credentials to validate the information being reported.

On effecting the sustainability reporting standards, the starting point for every organisation is to evaluate where they are at against expectations and then draw out a plan in which the gaps identified can be closed out.

Written by

Edgar Mukasa

Edgar is an Associate Director in KPMG Uganda with over 13 years experience working as a tax advisor in KPMG.

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