ICAI receives the prestigious UN Award for its Contribution to Sustainability Reporting

The Institute of Chartered Accountants of India (ICAI) for its initiative Sustainability Reporting Standards Board (SRSB) has been awarded the ISAR Honours 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 has also received UNCTAD ISAR Chair for the 40th session, second consecutive session and CA. (Dr.) Sanjeev Kumar Singhal, Central Council Member from ICAI chaired the UNCTAD ISAR session during the World Investment Forum being held from 16-20 October 2023 in Abu Dhabi.

ISAR Honours recognizes 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.

On this occasion CA. 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. 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”

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)’, with a prime objective of fostering proficient, ethical and world-class social auditors, profession responding to the needs and expectations of the stakeholders. ICAI 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 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.

Ranjeet Kumar Agarwal, Vice-President, ICAIsaid,“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.”

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 enhance knowledge are key steps towards creating a sustainable ecosystem. Practicing a sustainability as a way of life, ICAI is a leading professional body that has initiated efforts to be carbon neutral in all locations pan India. In addition, towards environmental sustainability ICAI also focuses on reducing paper consumption by encouraging paperless working, promoting e- meetings and e-journals. Institute also actively conducts countrywide Tree Plantation Drives and other sustainable initiatives towards creating a sustainable future.