The finance minister also stressed on the need for the chartered accountancy community to ensure fairness and transparency of financial accounts.
Published: 18th November 2022 06:24 PM | Last Updated: 18th November 2022 06:24 PM | A+A A-
Union Finance Minister Nirmala Sitharaman. (Photo | Express)
NEW DELHI: Finance Minister Nirmala Sitharaman has appealed to chartered accountancy professionals to develop sustainability reporting standards for better corporate governance and a sustainable world.
She said that sustainability is based on three pillars — socio-economic, environmental and economic factors, which translate into people, planet and profit.
Sitharaman, who was speaking at the inauguration of the 21st World Congress of Accountants (WCOA) organised by ICAI in Mumbai, commended the efforts of IFRS Foundation to form the the International Sustainability Standard Board with an objective of developing global sustainability standards.
The focus of the World Congress of Accountants, which is being held for the first time in India, is sustainability as is evident from its theme Building Trust Enabling Sustainability.
Addressing a congregation of over 6,500 accountants from across the world, the finance minister expressed her hope that the delegates would discuss the issue of transparency, trust and sustainability over the course of the four-day event.
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The finance minister also stressed on the need for the chartered accountancy community to ensure fairness and transparency of financial accounts.
“The independence of CAs is extremely important and significant for trust and integrity of the financial statements. Their responsibility is not limited to just the shareholders since statutory audit reports are public documents relied on by financial institutes, government and retail investors,” the FM said.
She also appealed to the delegates to come out with solutions for a world that is better governed, transparently governed and governed for sustainability.
The Finance Minister exhorted the accounting professionals to use Web 3.0 for improving the efficiency of the accounting process, and therefore, help meaningful generation of information to aid decision making.
“Web 3.0 is overtaking our lives and the manner in which financial information is gathered, processed and also quoted. Innovations and Web 3.0 utilities such as blockchain, artificial intelligence, data analytics and cloud computing are going to improve the accounting process,” she said.
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