Adopt IFRS standards to boost investor trust, Kenyan firms urged
Kenyan firms have been encouraged to adopt the International Financial Reporting Standards (IFRS) S1 and S2 standards to boost investor trust, draw global capital, and support worldwide sustainability goals.
Philip Kakai (pictured), the chairman of the Institute of Certified Public Accountants of Kenya (ICPAK), said these standards will enhance decision-making, foster stakeholder trust, and drive sustainable value creation in the global financial ecosystem. “The adoption of IFRS S1 and S2 represents a significant milestone in advancing sustainability reporting and aligning financial disclosures with environmental, social, and governance (ESG) considerations.
As accounting leaders, we are responsible for embracing these standards and driving positive change,” he said. Kakai who spoke during the official launch of these standards in Kenya, emphasised the importance of post-adoption capacity building.
Financial reporting
He stated that the adoption of IFRS S1 and S2 demonstrates ICPAK’s commitment to transparency, accountability, and sustainability in financial reporting.
“By embracing these international standards, we pave the way for a future where businesses thrive in harmony with society and the environment,” Kakai stated. He said the adoption of IFRS S1 and S2 represents a significant milestone in advancing sustainability reporting and aligning financial disclosures with environmental, social, and governance (ESG) considerations.
Speaking at the same forum, ICPAK CEO Grace Kamau said effective sustainability reporting calls for collaboration and capacity building.
She said companies need to invest in the skills and knowledge required to collect, process, and transparently disclose ESG data.
