Kazakhstan explores implementing leading-edge sustainability standards

A workshop in Kazakhstan - hosted by leading global accountancy body ACCA (the Association of Chartered Certified Accountants) and held in collaboration with the Ministry of Finance and Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan (ARDFM) - brought together key government stakeholders to explore new sustainability disclosure standards and their implication in the financial and corporate sectors in Kazakhstan.

The workshop on Wednesday, 26 June 2024 was attended by more than 40 participants representing government entities and financial institutions, including the Agency for Strategic Planning and Reforms, Ministry of Ecology and Natural Resources, National Bank, the Kazakhstan Stock Exchange, the Astana International Financial Centre, and the World Bank.

The main purpose of this Workshop was to provide an overview and importance of the new sustainability standards IFRS S1: General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2: Climate-related Disclosures adopted by the International Sustainability Standards Board (ISSB). It aimed to guide national regulators in the process of adoption, ensure consistent implementation and equip finance professionals with necessary technical skills in preparing sustainability-related financial information.

Keynote speakers included representatives from Agency for Strategic Planning and Reforms, who discussed implementation of the global sustainable development agenda in Kazakhstan, and ARDFM, presenting sustainable finance regulations in Kazakhstan. The Kazakhstan Stock Exchange highlighted the country's stock exchange requirements for sustainable development information disclosure. ACCA delivered in-depth training on IFRS S1 and S2, and how ACCA is upskilling finance professionals and equipping businesses for a more sustainable future.

Vikas Aggarwal, Regional Head of Public Affairs at ACCA, said: 'ACCA is delighted with the high level of participation in the virtual workshop on implementing new sustainability disclosure standards in Kazakhstan.

'The engagement and enthusiasm demonstrated by participants underscore the growing importance of sustainable finance in Kazakhstan. ACCA has consistently advocated for a global approach to the development of sustainability disclosure standards. We fully endorse the role of ISSB in establishing a consistent and comparable global baseline for sustainability reporting worldwide. The recent publication of IFRS S1 and IFRS S2 is a significant step forward, and we are pleased to provide comprehensive training on these standards today.

'We are confident that the knowledge shared during this workshop will contribute to driving positive change and promoting sustainable finance practices in Kazakhstan. ACCA extends its gratitude to all participants and speakers for their valuable contributions to the success of the workshop'.