The General Treasurer of the Kingdom, Noureddine Bensouda, highlighted on Wednesday in Geneva Morocco's efforts in the area of sustainable and responsible finance.
Speaking at the opening of the 41st session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) of the United Nations Conference on Trade and Development (UNCTAD), the official pointed out that the Kingdom has been committed to sustainable development for several years and has made "significant" progress in this area.
Bensouda, who leads the Moroccan delegation at the event, mentioned the adoption of the National Charter for the Environment and Sustainable Development, the National Strategy for Sustainable Development, and the National Strategy for the Development of Climate Finance, stressing that these initiatives aim to accelerate Morocco's transition to a green and inclusive economy by 2030.
He added that Morocco has also established "a solid regulatory framework" for sustainable finance, including the creation of a coverage system for catastrophic risks and clear guidelines for credit institutions in managing environmental and social risks.
The Kingdom of Morocco, he said, has also encouraged new financing sources by fostering sustainable financial instruments and promoting the principles of socially responsible investment.
"While it is essential to make a proactive commitment to preserving the environment, it is equally important to have an accounting tool that can report on efforts made and progress achieved, inform decision-makers, and show partners the level of Morocco's commitment and determination in this area," the official stated.
He also noted that Morocco "closely follows" developments and updates in international accounting standards, particularly those relating to sustainability, adding that an Ad Hoc Working Group was created to strengthen skills in international standards and develop expertise within the General Treasury of the Kingdom.
Bensouda also reviewed Morocco's accounting reform, noting that it comprises five components: the accounting framework, the opening balance sheet, the accounting quality system, the accounting information system, and the change management approach.
The accounting framework comprises the guidelines, fundamental principles, objectives, chart of accounts, and standards manual, adopted in 2008 and based on the International Public Sector Accounting Standards (IPSAS) and the Moroccan General Code of Accounting Standards (CGNC).
The new accounting system was implemented in 2020 following "a structured change management process,” he said, adding that training had been provided for accounting executives and managers to ensure a smooth transition.
Besides the election of officers, the agenda for the meeting, which runs until Friday, includes a number of items, including a review of progress on the harmonization and practical application of the principles of sustainability reporting and assurance work and related ethical considerations.
