So I got an email from you guys saying my account is dormant but your app doesn't work. @AIB_AXYSAfrica where did you guys lose the plot?
Time for a new provider
Blind Dates: The Lack of Interconnectivity between Climate-related risks and financial reporting (#AccountantJournal article by @moengaelvis)🧵🧵
The dating scene in Nairobi, Kenya has oft been described in folklore and fables as a grueling adventure with lots of character development. Those who have had the privilege of going through this curriculum have decried the lack of transparency and double dealing that characterizes the scene. However, even more telling is the lack of commitment and blatant disregard of the existence of a relationship. In the world of finance and corporate accountability, climate-related risks and financial reporting are like two strangers on a blind date—sitting across from each other but failing to truly connect. Despite the increasing awareness of environmental, social, and governance (ESG) factors, many organizations still treat climate risks as a separate, standalone concern rather than integrating them into their financial statements. This lack of interconnectivity is creating significant blind spots in corporate decision-making, investor confidence, and long-term sustainability.
One key reason for this disconnect is the lack of standardized reporting frameworks that fully integrate climate risks into financial statements. While initiatives like the Task Force on Climate-related Financial Disclosures (TCFD) and the new IFRS Sustainability Disclosure Standards (IFRS S1 & S2) seek to bridge this gap, many companies still operate in a regulatory gray area where climate risks are reported in sustainability reports but not reflected in financial statements.
Another challenge is the short-term focus of financial reporting. Traditional accounting frameworks prioritize immediate financial performance, whereas climate risks often manifest over the long term. This temporal mismatch results in climate-related financial risks being underestimated or ignored altogether...
Kenyan companies will be required to disclose comprehensive information about their sustainability efforts as detailed in @ICPAK_Kenya National Roadmap on adoption of the IFRS Sustainability Disclosure Standards. I spoke to @moengaelvis on timelines & implications.
@KBCChannel1
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