National efforts to implement sustainable financial reporting standards in the Maldives have earned international recognition, President of the Institute of Chartered Accountants of the Maldives (CA Maldives), Mohamed Haleem Abdulla has said.
Speaking at the opening ceremony of the International Financial Reporting Standards (IFRS) Forum, Haleem highlighted the significant strides being made to modernise and advance the country’s accounting and financial sectors.
The one-day forum, held at the Shaheed Ali School auditorium in Hulhumale’ Phase II, brought together over 300 financial experts, researchers, and industry professionals. Chief Guest Mohamed Ahmed, CEO of the Capital Market Development Authority (CMDA), underscored the critical timing of the event as global financial practices rapidly evolve alongside emerging technologies.
"Sustainable reporting is becoming increasingly important for investors and the capital market sector. Sustainability is critical for a country like the Maldives because it is directly linked to the resilience of our economy and long-term development,” he said.
During the event, CA Maldives leadership detailed key ongoing initiatives, including preparations for the upcoming IFRS 18 standard set to take effect next year, as well as the current rollout of the IFRS S1 and IFRS S2 sustainability standards.
CA Maldives President Haleem noted that global acknowledgment of these efforts demonstrates how a small island nation can play a leading role in implementing sustainable reporting standards.
In addition to technical information sessions covering the impact of new standards on both large entities and small-to-medium enterprises (SMEs), the event featured the official launch of the "Accountants in Business" (AIB) campaign. Inaugurated by CMDA CEO Mohamed Ahmed, the AIB initiative aims to formally register finance and accounting personnel working across businesses throughout the Maldives, further solidifying the nation's commitment to financial transparency and professional development.