ACCA and AIFC lead seminar to boost sustainability disclosure standards in Central Asia
The Association of Chartered Certified Accountants (ACCA) in partnership with the Astana International Financial Centre (AIFC) Green Finance Centre recently convened a seminar in Astana, Kazakhstan, aimed at enhancing the understanding of sustainability disclosures among regulators and business leaders across Central Asia. This significant event underscores the growing momentum toward adopting International Sustainability Standards Board (ISSB) standards in the region.
The Capacity Building Seminar, held in early 2024, provided a comprehensive overview of the ISSB standards, focusing on key elements essential to sustainability reporting. Central to the discussions were the IFRS S1 and IFRS S2 standards. IFRS S1 outlines the requirements for preparing and presenting sustainability-related financial disclosures, while IFRS S2 addresses how entities should disclose climate-related risks and opportunities.
Through a combination of case studies showcasing best practices and practical training sessions, participants were guided on preparing sustainability reports aligned with these international standards. Additionally, the seminar offered insights into the development and disclosure of transition plans, a component increasingly critical as businesses navigate the shift to more sustainable models.
The event attracted regulators and leaders from across Central Asian countries, including Kazakhstan, Uzbekistan, Kyrgyzstan, Azerbaijan, and Tajikistan, reflecting a regional commitment to strengthening sustainability reporting frameworks. Manas Gizhduaniyev, CEO of the AIFC Green Finance Centre, emphasised the importance of this educational initiative. Speaking to Yahoo Finance, he stated, “This year, the AIFC Green Finance Centre, with the support of the UNDP (United Nations Development Programme), will focus on updating the current AIX (Astana International Exchange) Guide for voluntary ESG [environmental, social and governance] disclosure, ensuring a more comprehensive implementation of the ISSB standards (IFRS 1 and 2). We anticipate these standards will become the dominant framework for sustainability reporting in the medium term, both within Kazakhstan and throughout the wider region.”
The seminar forms part of a broader strategic effort to align Central Asian financial practices with global demands for consistent, comparable, and verifiable information on sustainability-related risks and opportunities. As global momentum builds around the ISSB standards, such initiatives are valued for supporting regulators and businesses in the region to effectively implement these frameworks.
In a related development, the ACCA recently released statistics for the March 2024 exam session, reporting that 90,707 candidates entered the ACCA Qualification examinations, completing a total of 102,076 exams. This reflects the continued growth and engagement within the professional accountancy community, which plays a crucial role in advancing standards such as sustainability disclosures within businesses and financial institutions.
The ACCA and AIFC’s collaboration in hosting the seminar reflects a proactive approach in helping association members, regulators, and business leaders in the Central Asia region increase their proficiency in sustainability reporting—a critical component as organisations seek to meet both regional and international expectations in environmental, social, and governance (ESG) disclosures.