The Association of Chartered Accountants, ACCA, is urging players within the space and organizations to embrace integrated financial reporting to enable stakeholders make informed decisions which are geared towards sustainable economic growth.
According to the Association, integrated financial reporting will also help them offer innovative solutions to the ever dynamic needs of clients.
These comments were made by the Global President of ACCA, Joseph Owulabi in a media interaction on the sidelines of the ACCA Business Forum in Accra.
“Integrated financial reporting involves multi-stakeholder perspective. Gone are the days when in financial reporting one would think silo; you thinking your finance or accounts unit for end of month or year but with integrated reporting you have to connect all of the organization,” he said.
“Integrated report is also an opportunity for the organization to actually become connected as whole with everybody on the same page to understand how the business modules of the organization needs to evolve into the future to take advantage opportunities and address risks,” he added.
On her part, the President of the Institute of Chartered Accountants Ghana (ICAG), Sena Dake indicated the need for players within the accounting space to move towards sustainable practice by pushing more for greener economic activities.
“Sustainability accounting is one of the new emerging trends that all accountants must be familiar with because it helps prepare the financial reports in an integrated format as investments are being made on the planet such as the SDGs to reduce poverty,” she noted.