ICAI receives the prestigious UN award for its contribution to sustainability reporting

• The United Nations Conference on Trade and Development (UNCTAD) announced the winners of the sixth edition of the International Standards for Accounting and Reporting (ISAR) Honors during the 8th World Investment Forum on 17 October 2023.

• ICAI Sustainability Initiatives received the highest score among 70 initiatives received from around the world.

• ICAI also received UNCTAD ISAR Chairman for the 40th session, second consecutive session, and CA. (Dr.) Sanjeev Kumar Singhal, Central Council Member of ICAI chaired the ISAR session during the World Investment Forum held in Abu Dhabi from 16-20 October 2023.

The Institute of Chartered Accountants of India (ICAI) for its initiative Sustainability Reporting Standards Board (SRSB) received the ISAR Honors 2023 by the UNCTAD (United Nations Conference on Trade and Development) working group on International Standards for Accounting and Reporting (ISAR). ICAI’s initiative SRSB received the highest score in this year’s ISAR HONORS session among 70 initiatives from around the world. ICAI also received UNCTAD ISAR Chairman for the 40th session, second consecutive session and CA. (Dr.) Sanjeev Kumar Singhal, Central Council Member of ICAI chaired the UNCTAD ISAR session during the World Investment Forum held in Abu Dhabi from 16-20 October 2023.

ISAR Honors recognize policy, institutional and capacity building initiatives to encourage and assist companies to publish data on their contribution to the implementation of the 2030 Agenda for Sustainable Development and facilitate good practices in this area.

On this occasion AC. Aniket Sunil Talati, President, ICAI said, “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. Adopting 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 Council in 2020, to align with the Indian economy and synchronize and improve standards. quality of sustainability reporting framework in India.”

ICAI has been active in maintaining sustainability guidelines with the SDGs agenda at its core. In 2022, ICAI established a Section 8 Company – ‘The Institute of Social Auditors of India (ISAI)‘, with a main objective to promote skilled, ethical and world-class social auditors, a profession responsive to the needs and expectations of the stakeholders. ICAI has 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 organizations to adopt a responsible, growth-oriented framework for sustainable reporting. Towards capacity building and awareness, ICAI is creating a Certificate Course on Business Responsibility and Sustainability Reporting and an extended training course on Social Audit for NISM Series XXIII: Social Auditors Certification Examination.

AC. Ranjeet Kumar Agarwal, Vice President, ICAI said, “We are delighted to receive these 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 with the regulators and institutions proactively taking all necessary steps to develop and strengthen the Sustainability Reporting Framework in India.”

Initiatives like hosting Carbon Neutral WCOA 2022, Sustainability Literacy Drive, ESG Round Tables, National and International Sustainability Awards and regularly coming out with various technical literature to create awareness and improve knowledge are key steps to create a sustainable ecosystem. Practicing sustainability as a way of life, ICAI is a leading professional body that has made efforts to be carbon neutral at all locations in India. In addition, for environmental sustainability, ICAI also focuses on reducing paper consumption by encouraging paperless work, promoting e-meetings and e-journals. Institute also actively conducts nationwide Tree Plantation Drives and other sustainable initiatives to create a sustainable future.

About ISAR Honors

ISAR is an intergovernmental working group of UNCTAD dedicated to helping member countries improve quality and international comparability of financial reporting and non-financial disclosure, such as environmental issues, corporate governance and corporate social responsibility. Launched in 2018, ISAR Honors aims to raise awareness of national and international best practices on sustainability and reporting on the Sustainable Development Goals (SDGs).

About ICAI

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament under the Chartered Accountants Act, 1949 for the regulation and development of the profession of Chartered Accountants in India. The Institute functions under the administrative supervision of the Ministry of Corporate Affairs. With ear

8.50 lakh students and nearly 4 lakh members, ICAI is the largest professional accountancy body in the world, with a strong tradition of service to the nation. Today ICAI has a wide network of 5 regional councils and 171 branches in India. It has 47 overseas divisions and 34 representative offices and presence in 81 cities of the world spanning 47 countries.