Institute of Cost and Management Accountants of Pakistan (ICMAP) joins the Network

Posted
21 February, 2019

ICMAP, the Institute of Cost and Management Accountants of Pakistan, have joined the <IR> Business Network.

The organization has released the following statement expressing their delight in joining:

“Global businesses are now aligning themselves with investors’ needs and adopting the integrated reporting model to create value for their organization and others. We are pleased that integrated thinking is gradually gaining ground in Pakistan and several renowned companies are now voluntarily publishing integrated reports.

ICMA Pakistan is fully alive to the emerging realities in the arena of professional accountancy and it continues to not only equip itself to keep pace with the changing trends but also to enlighten its members’ community on value adding their knowledge base and enhancing their capabilities so that they can play a proactive role in organizations.

In this context and considering the fact that professional accounting bodies need to play a key role in creating awareness about integrated reporting, ICMA Pakistan took the initiative of bringing out a special edition of its official magazine – Management Accountant – on the theme of ‘Integrated Reporting’ for its Jan-Feb 2018 issue, and have had contributions from the International Integrated Reporting Council (IIRC), and the Global Reporting Initiative (GRI).

The CEO of the IIRC, Mr. Richard Howitt, in his exclusive interview for this issue, expresses that as the role of ‘management accountant’ becomes increasingly diverse, there are new and exciting opportunities for ICMA Pakistan to play a commanding role in how the Pakistani business thinks, acts and communicates its story of value-creation. He expressed his intention, on behalf of IIRC, to work with ICMA Pakistan to help businesses take the next step to integrated reporting.

ICMA Pakistan has organized and has plans to organize more seminars and workshops, either solely or jointly with other partners on integrated reporting so as to guide Pakistani companies to adopt this emerging corporate reporting model, thus paving the way for attracting global entrepreneurs to invest in Pakistan.

These events would educate our members and professionals not only on integrated reporting but also on corporate governance and sustainability.  Another role of ICMA Pakistan in promoting integrated reporting in Pakistan is that it organizes the Best Corporate and Sustainability Report Awards every year. The revised criteria for BCSRA is based on International Integrated Reporting Framework <IR> which aims to improve the quality of information available to providers of financial capital to enable a more efficient and productive allocation of capital.

ICMA Pakistan has a long-term vision to play its role in promoting integrated reporting in Pakistan and look forward to have proposals from other stakeholders to partner with it to achieve this objective.”

The President of ICMAP also had this message for Pakistani organisations:

“My message to Pakistani organizations, is that they should be proactive in adopting integrated thinking and reporting in order to bring sustainability reporting into their mainstream corporate reporting cycle.

Integrated reporting is a great reporting innovation in the last decade and can improve relationships between their business, society, economy and the environment.

It is high time for professional Management accountants to embrace and lead in understanding and explaining the link between financial value creation from an economic perspective, and the sources and application of financial capital to drivers of value creation.”