The Ministry of Finance of the Republic of Kazakhstan is working on the implementation of international standards for sustainable development reporting

The Ministry of Finance of the Republic of Kazakhstan is working on the implementation of international standards for sustainable development reporting - IFO S1 and IFO S2. These standards aim to bridge the gap between financial and non-financial reporting by providing investors, regulators, and other stakeholders with reliable and verifiable information about companies' environmental impacts, social policies, and the quality of corporate governance.

As part of this work, a seminar was held at the site of the Ministry of Finance of the Republic of Kazakhstan with the participation of representatives of the Ernst & Young auditing Company, the Atameken National Chamber of Entrepreneurs and the Accounting Professional Organization. The event was attended by representatives of large businesses, companies listed on Kazakhstani and international stock exchanges, chief accountants, auditors, senior specialists of financial departments and other experts working with IFRS reporting, as well as other interested organizations. The seminar was held in a hybrid format: about 70 people took part offline, more than 150 online.

For Kazakhstani businesses, the implementation of the S1 and S2 IFRS standards will be both a challenge and an opportunity. This will require a review of existing reporting systems, but at the same time it will open up access to new international investments, increase trust from partners and improve the image of companies in global markets.

Special attention is paid to the IAS S2 standard on climate risks. It requires companies to disclose information about climate change adaptation strategies and measures to reduce their carbon footprint. International markets are increasingly focused on such indicators, and sustainable development is becoming an important competitive advantage.

During the seminar, the need to prepare businesses as widely as possible for the upcoming legislative changes related to the mandatory application of sustainable development standards was discussed.

The unification of reporting requirements will create equal conditions for all market participants and will facilitate the redistribution of capital in favor of the most sustainable and responsible business models.