ACCA (the Association of Chartered Certified Accountants), the global body for professional accountants, hosted its New Member Ceremony to felicitate its 588 new members. The event brought together industry leaders, new ACCA members, fellows, and ACCA’s global rank holders to explore and discuss the theme ‘Sustainability and Technology - Shaping the Future of Accountancy and Finance.’
The ceremony commenced with a keynote speech by Melanie Proffitt, Vice President of ACCA. Addressing the gathering, Proffitt said, “I’m often asked what’s so special about ACCA. My answer is always the same; it’s simple and you can sum it up in ACCA’s three Ps. They are: Purpose, People and Professionalism.
As members, we are dedicated to pursuing careers with a richer meaning and greater personal reward. Working with a purpose sustains you, motivates you, inspires you, and keeps you fresh, energetic, and sharp. ACCA's genius lies in its foundation's grand aim of uniting accountants to serve as a force for public good, a vision that remains our guiding light.The concept of the public good takes many forms, and I know that you will find the best way to contribute in your own life and career.”
ACCA, which has been championing for the accountancy profession to work towards a sustainable future, also hosted a panel discussion on the topic of "Sustainability and Technology - Shaping the Future of Accountancy and Finance." Panellists included Dr. Amar Patnaik, Hon’ble Member of Parliament, Rajya Sabha; Mr. Subhash Chandra Garg, Former Finance and Economic Affairs Secretary, Government of India; and Melanie Proffitt. The discussion was moderated by Md. Sajid Khan, Director – India at ACCA.
Dr. Amar Patnaik, Hon’ble Member of Parliament, Rajya Sabha said “The issue of sustainability is pervasive. This concept has to be a part and parcel of the profession of accountancy and finance. The most important thing is to recognize where the points of carbon emissions are taking place, and then you have to measure, account, report, and verify it.
I think that’s an area where no company or organization, including the government, can move ahead unless finance and accounting professionals are made a part of the particular exercise of measurement, reporting, and evaluation. I am looking forward to a time when, because of the National Carbon Accounting System, people will not only be talking about the economic GDP but also be discussing the carbon GDP, wherein a green pathway to growth will be laid out. And all this would not be possible without the support of finance professionals.”
In the discussion, Mr. Subhash Chandra Garg, Former Finance and Economic Affairs Secretary, Government of India mentioned, “Accounting and finance functions are expected to evolve in times to come. From an accounting perspective, in my view, the way the accounting profession has evolved over the past 100 years or so is primarily to capture the financial value of the goods and services produced in the economy.
Unfortunately, the side effects or by-products of the production system were not accounted for, which are now recognized as sustainability and ESG. Companies were simply emitting carbon into the atmosphere or through their drains, or by air or water. There was no responsibility on the companies to pay for that or to reduce it.
Therefore, the accountants were also not accounting for it. In my understanding, no professional body ever bothered that accounting should include these environmental aspects. For this reason, professional bodies should mainstream the accounting of the environmental side of it.”
During the event, ACCA also launched its research paper titled ‘Founder’s Guide to Start-Ups, Role of Accountancy and Finance’. Prof. R. Narayanaswamy, Member of the National Financial Reporting Authority (NFRA) and Finance Faculty at IIM Bangalore, delivered a special address on the role of accountants to boost entrepreneurship.
He said, “Accounting systems and budgets are crucial for every business, especially for new ventures that have a low margin for error in cash management, capital planning, product pricing, or capital budgeting. No accounting propriety is possible if the CFO compromises on ethics.”
Fellowship status, which is the highest achievement awarded to ACCA members after five years of continuous membership and Continuous Professional Development (CPD) compliance, was also conferred upon a few ACCA members during the ceremony.