Chartered accountants urged to simplify IFRS and adopt sustainability reporting

Experts in accounting have called for the customization of the international financial reporting standards to fit the African context. Speaking on the sidelines of the Africa members convention in Mombasa, various stakeholders drawn from the private sector noted the glaring gaps, especially in data collection, that prevent African companies from promptly adopting sustainability reporting. In Kenya, ICPAK had outlined a phased approach for the mandatory adoption of the standards beginning in 2027 through to 2029 for SMES. The adoption of IFRS Sustainability Disclosure Standards is aimed at ensuring consistency with the international baseline to facilitate investment and participation in global markets.