Kazakhstan discusses roadmap for transition to IFRS sustainability standards, DKNews.kz reports.
A national roundtable on the implementation of IFRS S1 and IFRS S2, which set requirements for disclosure of financial information on sustainability and climate risks, was held in Astana. The event was organized by the Ministry of Finance of the Republic of Kazakhstan and the United Nations Development Programme (UNDP) in Kazakhstan. Representatives of government agencies, the quasi-public and corporate sectors, financial institutions, auditing and consulting companies took part in the discussion.
A draft Roadmap was presented at the round table, which will serve as the main action plan for regulators, businesses, and the professional community. The document is based on the international methodology of the IFRS Foundation and considers the results of an analysis of the readiness of the Kazakh market conducted by Ernst & Young.
Opening the event, Vice Minister of Finance of Kazakhstan Dauren Kengbeil highlighted the importance of transitioning to new accounting standards. He emphasized that the introduction of IFRS S1/S2 is a logical continuation of Kazakhstan's course towards a green economy and carbon neutrality. This is necessary to maintain the country's competitiveness in the international arena.
UNDP Resident Representative in Kazakhstan Katarzyna Wawiernia emphasized that the new reporting standards will change corporate governance approaches.
«We are pleased to assist Kazakhstan in developing a modern, transparent, and sustainable financial ecosystem. The international IFRS S1 and S2 standards create a basis for better risk management, attracting investment, and expanding climate-resilient financing» Katarzyna Wawiernia
Victor Kovalenko, EY Partner, Climate Change and Sustainability Services Leader for the Caucasus and Central Asia, presented a draft Roadmap for the implementation of IFRS S1/S2 in the Republic of Kazakhstan.
To ensure the successful implementation of the plan, a training program has been developed to improve the skills of specialists in government agencies, the corporate sector, and professional associations. This work will result in a phased transition to the mandatory application of sustainable reporting standards, with a target date for full implementation set for 2029.
