The Association of Chattered Certified Accountants (ACCA) has held a forum on the importance of Integrated Reporting (IR) and to discuss the effects of climate change on businesses across the country.
The forum which was held at the Golden Tulip Hotel in Accra saw a host of ACCA members, as well as various stakeholders, gather to deliberate on the way forward with regards to the sector’s operations.
Delivering a lecture at the programme, Charlotte Chapman Wardy, a lecturer at the Department of Statistics at the University of Ghana, iterated the need for organisations to embrace the idea of Integrated Reporting, insisting it helps firms to understand the needs of their customers.
She added that IR is important for a sustainable business model, while emphasizing that organisations should begin look towards being integrative rather than just prioritizing profits.
According to her, it is not enough for companies to engage in Social Corporate Responsibility (SCR), and urged that finding solutions to the environmental and societal problems should also be taken into consideration.
It appears many Ghanaian companies do not include the effects of their operations on the society in their audit and annual general reports – something the ACCA is bent on changing. In order words, a mining company should not just list out the amount of gold it extracted during the year, but also be able to include the number of water bodies its operations contaminated.
The body holds that if such information is made public, it creates awareness and makes the company’s dealings transparent.
Touching on the effects of climate change on businesses, Mrs Chapman said a vibrant human race influences the market of companies; hence anything that affects humans could in turn affect their business.
Mr. Henry Tetteh Djangmah, FCCA, president, Network Panel, also issued a rallying call on all stakeholders to help enforce laws which will make IR mandatory. According to him, reports of companies and organisations must not only contain their commendable efforts but also certain inconsistencies that ended up affecting society one way or the order.
He also assured that the ACCA will do its bit to make sure that the necessary systems are put in place to ensure that IR is adopted across the country.
As the mother body for all professional accountants around the world, the ACCA aims to develop the careers of its stakeholders, as well as equip them for what is required in the job market.
The ACCA currently operates in over 170 countries across the world.