SAICA welcomes the IIRC and SASB merger
Johannesburg, 9 June 2021 – The South African Institute of Chartered Accountants (SAICA) acknowledges and welcomes the formal announcement of the merger between the International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) to create a new entity, to be known as the Value Reporting Foundation (VRF).
As a member of IIRC council, SAICA has been privy to the discussions and deliberations in the build-up to this merger.
As per the press release from the VRF in this regard, they are committed to the delivery of a more coherent, value-based corporate reporting system by working closely with the IFRS Foundation and other leading framework providers and standard-setters around the world.
Milton Segal, SAICA’s Senior Executive for Corporate Reporting, says: “This is a vision that we as SAICA share as a part of our efforts to promote the continual improvement in the corporate reporting ecosystem in order to produce information to best serve a multitude of diverse stakeholders across both financial and non-financial markets.”
“The close working relationship that the VRF shares with the IFRS foundation is shared by SAICA, as we have developed an ongoing relationship with the IFRS foundation, and the strong connection that it has with both South Africa and the African continent.”
Segal continued: “SAICA’s participation within the VRF, as a council member of the new entity, will further ensure our contribution to the global reporting discussion and serve as a platform for us to advocate for the preferred outcome for our members and their reporting interests. The success of this merger will, in our opinion, play an integral role in the development of a globally accepted and recognised sustainability reporting framework.”
“SAICA has already been proactive in this regard by forming an alliance early in 2021 with Professor Mervyn King’s Good Governance Academy and Wits University to launch an online Chief Value Officer programme, which some of our members have already attended. The aim of this programme is to help facilitate an urgent shift from short-term finance-centric business models to stakeholder inclusivity, environmental responsibility and long-term sustainability,” Segal concluded.
About SAICA
The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent accountancy body, is widely recognised as one of the world’s leading accounting institutes. The Institute provides a wide range of support services to more than 50 000 members and associates who are chartered accountants (CAs[SA]), as well as associate general accountants (AGAs[SA]) and accounting technicians (ATs[SA]), who hold positions as CEOs, MDs, board directors, business owners, chief financial officers, auditors and leaders in every sphere of commerce and industry, and who play a significant role in the nation’s highly dynamic business sector and economic development.
Chartered Accountants are highly valued for their versatile skill set and creative lateral thinking, that's why all of the top 100 Global Brands employ Chartered Accountants.
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