Accounting is about recording, measuring, analysing, reporting and making an informed decision. The evolution of accounting in the late 80s has been recorded to contribute to companies’ financial growth. It can be positively said that the accounting sector has been making encouraging steps towards implementing modernity in its standard practices. The process of incorporating sustainable accounting starts with establishing the standard spoken language and frameworks encircling the business to further engage with the stakeholders, investors and bank parties.
Speaking at the ICW 2023, Tuan Haji Dr. Salihin, the Founder and Group Manager Partner of Salihin, delved into the topic of the accounting chain and the corporate journey towards sustainability.
With the increasing demand for sustainability reporting, measuring, analysing and reporting the social and environmental impacts of an organisation’s activities, as well as its economic performance, the accounting sector heightens the improvisation of its reporting.
He said: The construction business has its reporting on environmental impact, project development, structural integrity and safety, workforce, health and safety, life cycle impact of building and infrastructure, climate impact and business ethics. A refined framework provided by Bursa Malaysia and the rest of the accounting bodies, incorporating ESG (Environmental, Social, Governance) factors in traditional accounting and reporting practices, will enhance sustainability reporting and accountability in the future.
Tuan Haji Dr Salihin Abang further presented case studies on the Sunway Construction and IJM Group’s construction frameworks, heavily reporting on transparency, as well as a guide for integration of governance, global and local sustainability agendas such as the SDGs and the Ten Principles of the UNGC.
