ACCA courts support from BoG, SEC on adoption of Integrated Reporting by businesses
The Association of Chartered Certified Accountants (ACCA) is calling on regulatory institutions in Ghana, such as the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC), to support the adoption of the Integrated Reporting Framework by Ghanaian businesses in their financial reporting.
This call comes amidst a growing trend in the global business community towards greater transparency and integrated reporting.
The ACCA’s Africa Director, Jamil Ampomah, stressed the importance of informing Ghanaian businesses about the need to adopt Integrated Reporting, as it is set to become mandatory for businesses in the near future.
Speaking to norvanreports on the sidelines of the ACCA Business Leaders Forum, which was themed “Integrated Reporting – A Framework for Compliance and Decision Support”, Ampomah remarked that “there are going to be some standards very soon anyway, that will mandate that all companies adopt Integrated Reporting. So I believe this interaction is an opportunity to sensitise people and businesses to really create that excitement but also the urgency to start, you know, thinking along those lines.”
The Integrated Reporting Framework is a reporting framework that aims to provide a more comprehensive and integrated view of a company’s performance, taking into account its financial, environmental, social, and governance (ESG) factors. The framework aims to promote more meaningful and transparent reporting, as well as better decision-making, by providing stakeholders with a more holistic view of a company’s performance.
By adopting the Integrated Reporting Framework, Ghanaian businesses will be better equipped to meet the growing demand for greater transparency and accountability from stakeholders, such as investors, regulators, and customers.
The framework will also help businesses to better manage and communicate their ESG risks and opportunities, which are becoming increasingly important for investors and other stakeholders.
The ACCA is not alone in its call for greater adoption of the Integrated Reporting Framework. The framework has been gaining traction globally, with many companies and regulators recognizing its value in providing a more comprehensive view of a company’s performance.
In fact, a number of countries, including South Africa and India, have already made the framework mandatory for certain types of companies.
In addition to calling for greater adoption of the Integrated Reporting Framework, the ACCA is also pushing for Ghana to become a member of the Africa Integrated Reporting Council (AIRC), which has been in existence since 2017 and currently has eight members including Nigeria, South Africa, Morocco, Namibia, Mauritius, Kenya, Zimbabwe, and Botswana. The AIRC is a regional body that promotes the adoption of the Integrated Reporting Framework and provides guidance and support to companies in implementing the framework.
The adoption of the Integrated Reporting Framework by Ghanaian businesses is an important step towards greater transparency and accountability, as well as better management of ESG risks and opportunities.
The ACCA’s call for regulatory support in this regard is timely and should be taken seriously by regulatory institutions in the country. By embracing the Integrated Reporting Framework, Ghanaian businesses can position themselves for long-term success in an increasingly competitive and socially conscious business landscape.
