A Partner at Deloitte Ghana, Dr. Kwabena Situ, is encouraging organisations that are lacking the capacity to adopt, implement and undertake readiness assessment for the new International Financial Reporting Standards (IFRS) S1 and S2 to seek external assistance to ensure thorough and compliant assessments.

He is also urging organisations yet to complete their readiness assessment to seek assistance and guidance from the Institute for Chartered Accountants, Ghana, adding, companies should begin their readiness assessments without delay and submit their reports to ICAG by the August 30, 2024, deadline for early or voluntary adoption.

He was speaking as a panelist at a webinar organised by ICAG on the theme “On Sustainability and Climate-Related Disclosure Standards (IFRS SI & IFRS S2)”.

“In the month of August [2024], you need to carry out this readiness assessment because it is kick starting the whole process for you, re-evaluate your business processes to align with the ESG goals. A readiness assessment will help you to align."

Dr. Situ presentation focused on conducting readiness assessments for IFRS S1 and S2 as well as providing a step-by-step guide for organisations.

He discussed the importance of analysing existing reporting processes, identifying gaps, and developing a compliance roadmap.

He also stressed on the need for organisations to begin their readiness assessments immediately, as the process will be crucial whether to choose voluntary adoption now or mandatory adoption later.

Dr. Situ highlighted key considerations for readiness assessments, such as deciding on the Environment, Sustainability and Governance (ESG) framework to use, considering the time of assessment, knowing the details of the standard under Risk Management, Strategy, governance and metrics and targets.

The webinar attracted over 400 participants, including ICAG members and professionals from various sectors such as finance, auditing and corporate governance. It featured prominent speakers, including the President of ICAG, Sena Dake; Kwasi Agyeman, Chief Executive Officer of ICAG; and Alice Osei Okrah, Partner for Strategy and Transactions at EY Ghana, who also served as the moderator.

The webinar began with opening remarks from Sena Dake and Kwasi Agyeman.

They underscored the importance of early adoption of IFRS S1 and S2, highlighting how these standards are not just a regulatory requirement but also an opportunity for organisations to enhance resilience, improve decision-making, and strengthen relationships with stakeholders.