ICAI receives the UNCTAD ISAR Honours 2023 award for initiatives on sustainability

CA (Dr) Sanjeev Kumar Singhal, Central Council Member from ICAI chaired the ISAR session during the World Investment Forum being held in Abu Dhabi.

Published on: Oct 20, 2023, 13:22:35 IST

By HT Education Desk, New Delhi

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United Nations Conference on Trade and Development (UNCTAD) announced the winners of the sixth edition of the International Standards for Accounting and Reporting (ISAR) Honours during the 8th World Investment Forum on October 17.

ICAI Sustainability Initiatives received the highest score amongst 70 initiatives received from around the world. (Handout)

According to a press release by ICAI, its sustainability initiatives received the highest score amongst 70 initiatives received from around the world. ICAI also received the UNCTAD ISAR Chair for the 40th session, the second consecutive session, and CA (Dr) Sanjeev Kumar Singhal, Central Council Member from ICAI chaired the ISAR session during the World Investment Forum being held from October 16-20 in Abu Dhabi.

According to the accounting body, ISAR Honours recognises policy, institutional and capacity-building initiatives to encourage and assist enterprises to publish data on their contribution to the implementation of the 2030 Agenda for Sustainable Development and facilitate good practices in this area.

“We are honored with this recognition, such accolades will further inspire us to work hard to promote and adopt the best sustainable practices in the country. Embracing sustainability practices in business is the need of the hour and ICAI has been at the forefront of leading this movement by setting up the Sustainability Reporting Standards Board in 2020, to formulate standards that are in sync with the Indian economy while being benchmarked to International practices and to enhance the quality of sustainability reporting framework in India," said CA. Aniket Sunil Talati, President, ICAI.

According to the press release, ICAI has been active in enforcing sustainability guidelines with the SDGs Agenda at its core. In 2022, ICAI formed a Section 8 Company – ‘The Institute of Social Auditors of India (ISAI)’ and also issued 16 audit standards on social audits across 16 thematic focus areas, making India the first country in the world to have social impact assessment standards. ICAI is also engaging with key stakeholders and encouraging organisations to adopt a responsible, growth-oriented framework for sustainable reporting.

“We are thrilled to receive this ISAR Honours. This is a historic moment for ICAI and the entire country. Such awards will support our ambition to build a more sustainable economy for the future. ICAI is working in tandem with the regulators and institutions proactively taking all necessary steps to develop and strengthen the Sustainability Reporting framework in India," said CA. Ranjeet Kumar Agarwal, Vice-President, ICAI.

Towards capacity building and creating awareness ICAI is conducting a Certificate Course on Business Responsibility & Sustainability Reporting and an extensive training course on Social Audit for NISM Series XXIII: Social Auditors Certification Examination, informed the accounting body.

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