Former ACCA president and Council member Joseph Owolabi recently joined ACCA members at a recent seminar held by the Accountants Group in Germany (AGiG). The event provided a unique opportunity for members to engage in discussions on the future of accounting, sustainability reporting and global financial standards.
Owolabi addressed the ongoing developments in IFRS 18, Presentation and Disclosure in Financial Statements, which includes critical updates on revenue recognition and leases. He guided attendees through the complexities of the standard, offering valuable advice on how businesses can streamline their processes to ensure compliance while maintaining transparency in financial reporting.
ACCA must be aligned with the demand for internationally recognised financial expertise
Owolabi’s presentation, made ahead of the EU’s release of an ‘omnibus package’ aimed at simplifying sustainability-related directives, also covered the crucial topic of preparing for the implementation of the European Sustainability Reporting Standards and Corporate Sustainability Reporting Directive. His insights into these rapidly evolving regulations offered attendees an in-depth understanding of how they will impact businesses, accounting professionals and stakeholders across Europe and beyond.
Engagement
Beyond the formal presentation, Owolabi met with ACCA members, leading rewarding discussions and fostering a deeper understanding of the accounting profession’s evolving role.
One of the key topics discussed was the opportunity to increase recognition for the ACCA qualification within the German business community. Owolabi highlighted the importance of promoting the value of ACCA membership to local businesses and aligning the qualification with the growing demand for internationally recognised financial expertise.
The seminar provided a platform for ACCA members to exchange ideas, seek guidance and share best practices on navigating the regulatory landscape, as well as to further strengthen their professional networks.
The event was a timely reminder of the shifting dynamics in global accounting, with sustainability and standardised financial reporting at the forefront. As businesses and finance professionals adapt to these changes, Owolabi’s session offered critical insights on how to stay ahead of the curve and maintain the highest standards of compliance and professionalism.
