Accountancy education must evolve quickly to prepare for a sustainable future

IT IS almost unthinkable that accounting students or professionals do not understand or are unable to apply the International Financial Reporting Standards (IFRS), which Singapore has adopted as its key financial reporting regime. The IFRS, which began to take shape in the late 1980s, has become the financial reporting standard for around 168 jurisdictions worldwide.

The accounting profession encompasses financial reporting and auditing, along with specialised fields such as taxation, valuation, risk management, financial forensics and, most recently, sustainability reporting and assurance. As the world becomes increasingly dependent on technology, accounting students and professionals can tap technological innovations to remain relevant and effective.

The International Sustainability Standards Board (ISSB) was established by the IFRS Foundation in 2021 to set global standards for sustainability reporting, aimed at investors and financial markets. This effort mirrors the rise of the IFRS. Countries in the European Union, the United Kingdom, Australia, Canada, and many others already use the IFRS, making it the “gold standard” because it ensures consistency, transparency, and comparability across global markets.