Significant initiatives taken by ICAP in the area of Sustainability
Pakistan is one of the most affected countries of climate change. In the last few years, the need to address climate change and nature loss has gained momentum.
Corporate Sustainability reporting and assurance has gained significant attention and momentum in Pakistan. It is recognised that accountancy bodies and accountancy professionals have an important role in developing, promoting and implementing sustainability reporting and assurance regime in Pakistan.
ICAP INITIATIVES IN THE AREA OF SUSTAINABILITY
The Institute of Chartered Accountants of Pakistan (ICAP) is a statutory and autonomous body formed under the Chartered Accountants Ordinance, 1961 for the purpose of regulating the accountancy profession in Pakistan.
ICAP is always committed to promote the profession in the best public interest. ICAP plays a vital role in strengthening the regulatory framework in Pakistan through cooperation and collaboration with important policymaking institutions and regulators, including the Securities and Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP) and Pakistan Stock Exchange (PSX) and industry associations/forums.
On the area of sustainability reporting ICAP is aware of its role and is also committed to sgerve the public interest by working collectively with all the relevant stakeholders to enhance awareness and improve capacity building of stakeholders on the emerging topic of sustainability.
SECP has developed an ESG Roadmap and Action Plan, and ICAP has the lead role in advocacy, capacity building and adoption of ISSB-issued IFRS Sustainability Disclosure Standards. ICAP is also actively working with SECP to support the adoption process of international sustainability disclosure standards in Pakistan.
ICAP is responsible to adopt the assurance standards on sustainability reporting (once issued by the IAASB).
To download the report detailing the multiple initiatives taken by ICAP in the area of sustainability please click here.