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Accountants' body discusses role beyond financial reporting

‘Accountants should take up advisory roles'.

Our Bureau

Bangalore, Oct. 21

Companies should adopt green accounting in order to capture the resources committed to protect environment and also adding brand value that would go beyond financial reporting, said the Secretary, Ministry of Corporate Affairs, Government of India, Mr R. Bandyopadhyay, at a one-day workshop on “Sustainability Workshop” organised by the South Asian Federation of Accountants (SAFA) here on Thursday.

He said that the while developing a sustainable business model was a larger issue, accountants should support the top management by linking the concept to the process of decision making.

“Accountants should take up an advisory role pointing out certain directions, and it is the corporates who have to understand their role in the society and take a decision.”

He also urged the SAFA to take a lead in bringing out a simple form of integrated reporting and pointed out that corporates in India have started adopting global models of sustainability reporting such as GRI, A4S etc in some sectors.

Accounting model

He advocated the need for self regulation in such issues than expecting them to be mandated.

Speaking at the event, Mr A.N. Raman, Vice-President of SAFA, said that with G-20 advocating the conduct of sustainable business as a key response in the aftermath of the global meltdown, sustainability has gained a major attention worldwide.

He pointed out that sustainability has become a strategic activity for organisations such as the International Federation of Accountants (IFAC) and SAFA.

In fact, the IFAC and the Organisation for Economic Co-operation and Development (OECD) have called for integrating sustainability into business strategy.

According to SAFA members, the King Code of Governance of South Africa has become the first nation to incorporate the theme of sustainability in corporate governance.

Mr B.M. Sharma, President of Institute of Cost and Works Accountants of India (ICWAI), and Mr K. Raghu, Central Council Member of Institute of Chartered Accountants of India (ICAI) also participated in the workshop.

More Stories on : Accounting Standards | Karnataka

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