ICAI to set up Sustainability Accounting Standards Board

Chartered accountants' apex body ICAI will set up a Sustainability Accounting Standards Board to help companies in achieving sustainable development goals. ICAI President Atul Kumar Gupta on Thursday said the board would be launched on Friday and discussions would be held with stakeholders to take the idea forward.

With the proposed standards, there would be disclosure requirements for companies in terms of "sustainability part" or sustainable development goals of the United Nations. Gupta, who took over as the President on Wednesday, also said efforts are continuing to strengthen the institute's disciplinary mechanism, including faster disposal of disciplinary cases.

The Institute of Chartered Accountants of India (ICAI) has more than three lakh members.