KUALA LUMPUR (June 9): Accountants are the right people to lead and standardise sustainability reporting.

According to Bursa Malaysia chief executive officer Datuk Muhamad Umar Swift, accountants bridge the gap between investors and management, and understand financial reporting.

"Reporting has evolved from just merely being accounts to understanding the depth of what we are seeing. In my mind, the accounts and the IFRS (International Financial Reporting Standards) are both unique in that they can actually bring that conversation forward," he said during a panel discussion at the Malaysian Institute of Accounts's International Accountants Conference, held online.

Sime Darby Bhd chief financial officer Mustamir Mohamad added that accountants have a role in standardising sustainability standards because the profession has experience in standardising international accounting standards in the past.

"We have covered different practices in different countries but also a wide range of business activities in different industries and sectors. As an accountant we also have experience in balancing costs and benefits in financial reporting disclosures, which is a key consideration in getting any company to adopt ESG (environmental, social and governance) reporting guidelines," said Mustamir.

He noted that accountants must also develop the knowledge and engage with the relevant stakeholders such as non-governmental organisations to ensure that such sustainability reporting standards are up to scratch.

On when a global standardised sustainability standard can be expected, Umar said there is already convergence between sustainability and accounting standards, which suggests that there is a sense of urgency on the issue.

At the end of the day, it is about having information that can be audited and reliable, said Mustamir, adding that he hopes a globally accepted sustainability standard could be on the cards in three years.