Global bodies join forces to drive adoption of international sustainability standards in Turkey
Leading global accounting body ACCA is joining forces with the Turkish government, standard setters and regulators to drive the adoption of international sustainability standards.
The move is a follow up to COP 28 where ACCA joined a panel with accounting and auditing public oversight authority KGK, The Public Oversight, Accounting and Auditing Standards Authority; ERTA, Integrated Reporting Association Türkiye, and the International Sustainability Standards Board (ISSB) to discuss how the adoption of international sustainability standards will drive climate action in the country.
Helen Brand, chief executive ACCA, and panel member said: ‘As professional accountants ACCA’s members have a key role in Turkey helping businesses adopt the new standards equitably, ensuring capital flows contribute to global sustainable economies.
'ACCA believes the accountancy profession has a central role in harnessing these new standards to drive positive action to combat climate change, and in doing so, creating a better, greener, more sustainable world. With members in more than 180 countries, the strength of our global community will help us build the skills and knowledge required to drive widespread adoption of the standards.’
In his message, Dr. Hasan Özçelik, president of the Public Oversight, Accounting and Auditing Standards Authority of Türkiye officially announced the adoption of ISSB standards IFRS S1 and S2 and added that the KGK will publish Turkish Sustainability Reporting Standards before the end of December 2023.
Highlighting that Türkiye is one of the early adopter countries, Dr. Özçelik noted that Turkish Sustainability Reporting Standards that are fully compatible with the ISSB Standards will help the corporate sector in Türkiye.
Increasing the number of high brand value organisations which are globally competitive and can easily access domestic and foreign finance, while being sensitive to ESG issues will consequently contribute to Türkiye’s economy.
Professor Güler Aras, ERTA Founding Chair said: ‘As Integrated Reporting Association Turkey (ERTA), it was our great privilege to host a special launch at COP28, where the Turkish Public Oversight, Accounting and Auditing Standards Authority announced its intention to adopt ISSB Standards by publishing its draft standards and incorporating them into Turkish legislation.
‘Turkey sustainability reporting standards are fully compatible with the ISSB standards and will be in force as of 2024. I am delighted to see the leadership provided by Türkiye, as an early adopter country, which will bring trust, comparability and transparency to the disclosure of sustainability in Turkey. I would like to express my sincere gratitude to IFRS, ISSB, ACCA and ACCA chief executive Helen Brand for their continued support of the Turkish sustainability and integrated reporting journey.’
If a just and equitable transition is to be achieved then finance professionals will have to work with others to define performance measures which enable progress to be assessed and then in turn reported to internal and external stakeholders.
ACCA and KGK recently signed a memorandum of understanding (MoU) focused on co-operation and working together on sustainability reporting standards. ACCA and ERTA also co-operate closely notably through promoting ACCA learning through certificates on sustainability finance and international financial reporting and working on research projects together.
About ACCA
We are ACCA (the Association of Chartered Certified Accountants), a globally recognised professional accountancy body providing qualifications and advancing standards in accountancy worldwide.
Founded in 1904 to widen access to the accountancy profession, we’ve long championed inclusion and today proudly support a diverse community of over 247,000 members and 526,000 future members in 181 countries.
Our forward-looking qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to create, protect, and report the sustainable value delivered by organisations and economies.
Guided by our purpose and values, our vision is to develop the accountancy profession the world needs. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we’re strengthening and building a profession that drives a sustainable future for all.
Find out more at: www.accaglobal.com