This month we look at the impact of the invasion of Ukraine and, in particular, what it means for finance professionals.
For example, a huge number of businesses’ supply chains involve Russian products and services. Identifying these links in the chain and finding alternative suppliers is a massive challenge, as we see in our feature ‘Supply chain pain’. There are additional challenges, notably in the aviation sector, with ‘stranded assets’, which cannot be used or retrieved as they have been seized by the Russian government.
Regular columnist Ian Guider points out that the way companies have handled these developments provides a potent example of environmental, social and governance (ESG) values in action. And with research suggesting some of Ireland’s largest businesses are poorly prepared for new EU rules extending ESG reporting, we take a look at the vital role accountants play in helping companies on their journey to become more sustainable.
Elsewhere in this issue, we examine how the use of non-fungible tokens in the emerging digital art market is causing regulators to worry about money laundering risks, while new analysis highlights how some of the world’s largest economies are in danger of becoming hotspots for shifting illicit funds.
Meanwhile, our main interview this month is with ACCA Ireland chair Jason Murphy FCCA, who explains how collaboration and transparency are essential for embedding the principles of sustainability and inclusivity in business.
Also on a skills theme, we look at the 12 competencies needed by finance professionals to succeed in green finance. As ACCA’s head of sustainability Emmeline Skelton warns: ‘Green job creation will be a huge part of the transition to net zero, and the finance community can enable business to kickstart the processes.’