When you talk about sustainability, accountants may not be the first industry to come to mind but new rules have been added to the International Financial Reporting Standards (IFRS) to cover climate-related risks.
President of the Institute of Chartered Accounts of Trinidad and Tobago (ICATT), Marissa Quashie, says those standards will soon impact local companies.
“Furthering the engagement on the adoption of sustainability standards S1 and S2. Currently, the Council of ICATT has approved an initial period of voluntary adoption, followed by a phased approach to implementation over the short to medium term.”
Chief Operating Officer at Angostura Limited, Ian Forbes, shares on that company’s sustainability achievements.
“Our Angostura Symphony Limited Edition Rum 2023, we launch limited editions locally as well as internationally. This one was launched locally and what we feature here is that the labels were sustainably derived from forests that were under the Forest Stewardship Council’s management. So, in other words, the paper was derived from a sustainably grown and managed forest.”
Mr. Forbes notes the company has also introduced a waste water recycling plant.
“Another example of our green initiatives incorporated into our packaging is the fact that we also seek to light weight our packaging where possible. So as we design new glass bottles, we would try to keep them lighter and lighter. That’s another way in which we can reduce our carbon footprint.”
Both were speaking at ICATT’s Annual International Financing and Accounting Conference.
The Annual Conference kicked off on Thursday and will run through Friday.