Speakers at an international conference on Thursday said sustainability-related disclosure in the public sector financial reports should be of high quality and usable for decision making.
Importantly, they said, it should be subject to effective audit which can help build public trust as well.
In audit and assurance arrangements, the speakers said, the regulations should address sustainability concerns, including IFRS (International Financial Reporting Standard) Sustainability Disclosure Standards.
The speakers said empirical evidence on sustainability practices was directly linked to the cost reduction of capital, national commitment and development.
They said the government was committed to achieve SDGs by 2031, so, accountability and transparency in managing risks and investments were the sine quo none for the implementation of SDGs.
The experts came up with these observations at an international conference on ‘Accountability and Sustainability: Implementation Progress’ jointly organised by the Institute of Chartered Accountants of Bangladesh (ICAB), Dhaka Stock Exchange Ltd and Victoria University of Wellington, New Zealand, at the ICAB Auditorium in the city.
Former state minister for planning Dr. Shamsul Alam said political accountability played an important role in economic development.
“Bangladesh is well ahead of other countries in South Asia like India and Pakistan in achieving the SDGs and ranked 101st of 191 countries," he said, adding that the country needed to continue the progress and upgrade the rank further.
He said accountability for sustainable development must be ensured, the chief guest said.
The country's chartered accountants would play an important role in ensuring accountability in the private sector," he said.
The Keynote speaker, Academic Programme Leader, Wellington School of Business and Government, Victoria University of Wellington, New Zealand Dr. Yinka Moses said sustainability reporting can be described as 'The practice of an organisation reporting on its impact on sustainable development'.
"It includes not only environmental considerations, but also the social and economic impacts of human activities. "
He said accountability entails transparency in managing risks and investments including providing honest reckoning for both positive and adverse business activities.
"There is a need for corporate leadership that delivers accountability-based accounting without impressionistic tendencies," he said.
Hence, he said good governance and transparent corporate behaviour that will see companies present balanced reckoning of their activities to enable investors, stakeholders to make right decisions.
ICAB President Md. Moniruzzaman said the accountancy profession is the best positioned to lead sustainability reporting and assurance.
"Professionals working in financial accounting, reporting, internal and external audit can all apply their expertise to this agendum, he said.
Secretary at Finance Division Dr. Md. Khairuzzaman Mozumder said, many organisations are starting sustainability reporting journeys, there is an opportunity for finance, accountancy and audit professionals to demonstrate leadership and drive this agenda forward.
He said their knowledge and experience of reporting processes, systems and controls, regulatory compliance, adherence to standards and, in the case of auditors, internal and external assurance, are vital in establishing and embedding sustainability reporting and assurance in the public sector.
"It's time for finance and audit professionals to take the lead on the sustainability reporting and assurance agenda," he added.
He also said accountability linked with SDGs enables managers to reflexively find shortfalls within their system(s) and intentionally improve them as a matter of priority, rather than celebrate marginal successes.
Presenting a video on how the government is taking initiatives to attain SDGs, Chairman, Dhaka Stock Exchange (DSE) Ltd Professor Dr. Hafiz Md. Hasan Babu said sustainability reporting must be appropriate to the size and scope of the organisation and comprehensive enough to reflect the needs of the wide range of stakeholders representing the public interest.
The information provided through the sustainability reporting and assurance process should advance sustainable development, he added.
ICAB CEO Shubhashish Bose said that the goal of sustainability reporting and assurance would excel the progress towards sustainable development.
"Ultimately, the sustainability disclosures reporting must provide useful information that can form a basis for decision-making.
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