Accounting is crucial for hitting net zero goals and ESG.

TLDR:

• The accountancy profession is called to play a wider role in achieving net zero targets and facilitating a transition towards a more sustainable economy.
• The role of the accountancy professional in driving organizations towards sustainable outcomes was emphasized during a conference hosted by the Malta Institute of Accountants.

The accountancy and auditing profession is called to play a wider role in achieving the nation’s net zero targets and in facilitating the transition towards a more sustainable economy. This reality is backed by an ever-growing realization by stakeholders that companies do not operate in isolation but are part of a dynamic ecosystem where their actions impact the planet and people. The centrality of the accountancy profession in taking a leading role in driving organizations towards sustainable outcomes emerged during a conference hosted by the Malta Institute of Accountants targeted at small and medium-sized practitioners.

Mark Anthony Bugeja, MIA President, highlighted the cultural shift which is transforming the global economy. “Employees, investors, customers have changed the way they go about many aspects of their life. A significant shift has taken place in the way people look at the corporate world, what they expect from it, the standards they expect it to follow”. In this context, he added, the accountancy professional takes a central role in leading this transformation through advice and effective reporting.

With this enhanced role putting further pressure on the availability of human resources, MIA CEO Maria Cauchi Delia shared the Institute’s proactivity in enhancing the country’s ability to attract increasing numbers of accountancy and auditing professionals. The Institute has shared various proposals with authorities in terms of facilitating the recruitment and retention of third country nationals while investing further in its #AccountsForYou campaign to reach out to the younger generation and help develop keener interest in the industry and this profession.

Cauchi Delia also gave details of the constant exchanges with authorities and regulators, through which the Institute puts forward necessary recommendations and shares feedback on proposed regulatory developments in the interest of the profession and beyond.

The conference also covered the latest developments in banking and in the realm of tax, with discussions focusing on elements such as corporate tax reform, Pillar II, transfer pricing and succession planning with its fiscal implications. In this context, tax experts noted the deferment of any major changes to corporate tax for a further six-year period but insisted on the need to strengthen further the financial jurisdiction to ensure its competitiveness in the year ahead, anticipating the inevitable fiscal reform.

In consideration of the increasing role played by voluntary organizations as a social backbone to communities, the event featured a fireside chat with Mr Jesmond Saliba, the Commissioner for Voluntary Organizations (VOs), who shared insights associated with the wide-ranging reform in the sector. The Institute provided extensive feedback relating to reform of this sector, re-iterating its calls for a level playing field in terms of expectations associated with financial reporting.

The conference was hosted with the organizational backing of the MIA’s Small and Medium Practices Group was supported by Thomson Reuters and Scope Solutions.

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