ICAI Receives the Prestigious UN Award for its Contribution to Sustainability Reporting

• 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 17 October 2023.

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

• ICAI 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 ISAR session during the World Investment Forum being held from 16-20 October 2023 in Abu Dhabi.

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 years 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.

CA. Ranjeet Kumar Agarwal, Vice-President, ICAI said, “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.

About ISAR Honours

ISAR is an intergovernmental working group of UNCTAD dedicated to assists member States to improving 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 Honours aim to raise awareness on 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 set up by an Act of Parliament under the Chartered Accountants Act, 1949 for the regulation and development of the profession of Chartered Accountancy in India. The Institute, functions under the administrative supervision of the Ministry of Corporate Affairs. With over

8.50 lakh students and close to 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 Chapters and 34 Representative Offices and presence in 81 cities of the World spanning 47 countries.