Accountants have been urged to upgrade their professional skills to stay abreast with new development trends in their profession.

Mr. Kwasi Agyemang, Chief Executive Officer (CEO) of the Institute of Chartered Accountants Ghana (ICAG), noted that there are now new standards (International Financial Reporting Standards (IFRS) S1 and IFRS S2), which professionals must equip themselves with the requisite knowledge to be able to understand the contents of these standards, and also be useful in their application.

Mr. Agyemang said this in an interview with the Ghana News Agency on the sidelines of the closing ceremony for the ICAG Professional Diploma Programme, a 5 weekend course that provided expanded continuous professional development to participants.

It covers courses including, Advance Business Analytics; Environmental, Social and Governance (ESG); Information Technology (IT) Audit; IFRS, and IPSAS, which aimed at deepening the knowledge and competencies of members in specialized areas.

Mr. Agyemang told GNA that among the objectives of the Institute is to regulate the accountancy profession and as well promote the study of accounting.

He said ICAG developed programmes for its members as part of requirement to maintain its membership of the International Federation of Accountants; adding that “our members, every year, must meet some 35 credit hours to maintain their membership.

The CEO said participants of the Professional Diploma Programme had the opportunity to select courses in their respective areas and this was all geared towards enhancing their performance at their workplaces.

Mr. Wilfred Neneh Addico, a participant of the training programme and Partner at Makers and Partners (MAP), an accountancy firm, also told GNA that MAP was building capacity to be able to provide ESG services.

He said that the acquired skills marked the beginning of MAP on its journey to become consultants in the ESG space, and MAP is committed to help individuals, organizations and communities to be able put together an ESG strategy.

“ESG is basically ensuring that organizations and communities carry out their operations, being mindful of the negative impact of their activity on the environment.”

Mr. Addico said understanding the impact of their activities would enable them streamline their operations so their impact on the environment would not be severe.