IFAC ConnectTM MENA, held from October 22-24, 2024, in Dubai, UAE, marked a significant milestone for sustainability reporting in the region. Jointly hosted by the International Federation of Accountants (IFAC) and the Emirates Association for Accountants and Auditors (EAAA), under the patronage of the UAE Ministry of Economy,  convened regional and global leaders representing finance, accountancy, securities and audit regulators, the investment community, and the standard setting community with the aim of advancing sustainability reporting, assurance, and capacity building in the Middle East North Africa region (MENA). Over the course of the week, it attracted a diverse array of representatives, including but not limited to professional accountancy organization (PAOs) leadership from the region; government ministries; global accounting and consulting firms; regulatory bodies, and financial institutions such as the Central Bank of the UAE, Saudi Central Bank (SAMA), and Qatar Financial Centre. 

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October 22, 2024 – Regulators Roundtable 

The UAE Regulators Meeting brought together 50 key stakeholders, including representatives from the UAE Ministry of Finance (MoF), and served as a pivotal platform for regulators in the UAE to discuss harmonizing regulatory standards, reduce inconsistencies, and enhance the overall quality of financial reporting and auditing practices. EAAA’s important role in leading this initiative with IFAC, not only amplifies its voice in regulatory discussions, but also positions it as a central figure in shaping the future of the accountancy profession in the region. Following the regulators meeting, the UAE MoF's launched the Financial Sustainability and Accounting Capacity Building Programme aimed to enhance the financial and analytical accounting skills of accountants and financial managers within the federal government, aligning with the objectives discussed during the regulators' meeting. 

October 23, 2024 – IPSASB Roundtable  

IPSASB Leadership in Dubai

The IPSASB engaged with, and solicited feedback, from nearly 100 in-person attendees at its regional roundtable. This roundtable was held to listen to stakeholders input to advance the IPSASB's sustainability and public sector financial reporting initiatives. The roundtable primarily focused on IPSASB's 2024–2028 strategy, advancing sustainability reporting standards, and exploring public sector-specific standards for climate-related and natural resource disclosures. The key objectives were to: 

  • Gather input on IPSASB’s recent Exposure Drafts for climate-related disclosures and natural resources;
  • Discuss how adopting IPSAS could enhance transparency, accountability, and sustainable finance practices in the public sector; and
  • Identify barriers and support mechanisms for adopting and implementing IPSAS in the MENA region, fostering alignment with international standards while considering regional nuances. 

The strong support, as well as specific comments, will be evaluated by the IPSASB as part of its broader response analysis in Q2 2025, ultimately used to help shape global standards for public sector entities. This roundtable represents a strategic step in aligning MENA public sectors with global reporting frameworks, enabling the region to address emerging sustainability challenges more transparently and effectively. 

October 24 – Sustainability Forum  

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On October 24th, at the main Conference, IFAC CEO Lee White and delivered welcome remarks, followed by a session on "Building a Global Reporting System," featuring presentations from David Madon (IFAC Director of Sustainability) and Liza McAndrew Moberg (ISSB). Panelists discussed recent advancements in sustainability standards and the importance of aligning regional reporting frameworks with global standards, such as those of the International Sustainability Standards Board (ISSB) and the IPSASB. These sessions provided insights into the building blocks approach, a method supporting incremental adaptation to global reporting standards, and emphasized the importance of ethics and independence in reporting​. 

Ensuring high-quality, reliable sustainability data was central to the conference. The "Preparing for High-Quality Assurance" panel, moderated by Christine Albrecht, engaged experts like Warren Maroun of the IAASB and Paul Winrow of Forvis Mazars, who discussed the development of a global assurance framework. Participants reviewed IFAC's recent findings on sustainability assurance and the anticipated launch of ISSA 5000, the IAASB's new standard on sustainability assurance. With MENA’s emerging regulatory landscape, panelists stressed the need for a robust assurance framework to support high-quality, decision-useful sustainability disclosures that can increase investor confidence and mitigate risks, such as greenwashing.  

A significant focus of the conference was on capacity building to support sustainable practices. Panelists discussed the ecosystem needed for effective sustainability disclosure, from upskilling in education to enhancing corporate governance. A video presentation by Rania Uwaydah Mardini, IESBA Member, highlighted the importance of integrating sustainability education across university curricula, boardrooms, and professional organizations, which were followed up by exploring the practicalities of implementing sustainability frameworks within organizations. The discussion underscored the challenges in equipping boards and companies with the knowledge and skills required for high-quality sustainability reporting and assurance. 

The conference concluded with a "Call to Action" panel, where panelists Sami Alshorafa from Saudi Arabia’s Capital Market Authority and Dr. Ahmad Almeghames SOCPA CEO, reflected on the accountancy profession’s role in fostering sustainable business practices. Panelists addressed the strategic shift needed to view sustainability as an integral part of business rather than a compliance requirement. They discussed the critical need for a harmonized system for sustainability reporting and assurance that leverages region-specific insights, such as Saudi Arabia's voluntary reporting initiatives and UAE's COP28 commitments, to guide future regulatory frameworks​. 

Closing Remarks and Key Takeaways 

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Key takeaways from the event included the importance of a global yet adaptable framework for sustainability reporting, the urgent need for capacity building to support these efforts, and the critical role of high-quality assurance in ensuring trustworthy, decision-useful sustainability information. By the conference’s close, it was clear that MENA is at the threshold of a sustainability transformation, ready to embrace global standards in ways that respect the region’s unique economic and cultural landscape.  

Call to Action 

The recent discussions at the IFAC Connects Event in Dubai highlighted the significant opportunities for progress when centralized policy decision-making is leveraged effectively. The decision to adopt IPSASB standards underscores how quickly and positively change can be achieved in the region. 

As we look ahead, we encourage continued collaboration through connected learning events, seeking opportunities to partner in 2025 and 2026. These gatherings will serve as vital platforms to share knowledge, build capacity, and drive impactful change across our profession. 

We also call on the accountancy and finance profession in the region to take a proactive role in engaging with regulators on the critical issue of sustainability disclosures. As global and regional expectations evolve, our collective input is essential to shape meaningful and actionable frameworks that address environmental, social, and governance priorities. 

Together, let’s embrace our role as change-makers and catalysts for sustainable growth. 

David Madon

Director, Sustainability, Policy & Regulatory Affairs

Mr. Madon joined IFAC in 2019, where he is Director - Sustainability, Policy & Regulatory Affairs.  He is responsible for developing and coordinating IFAC’s sustainability policy and advocacy activities in addition to conducting research, policy development, and engagement with respect to a range of topics and stakeholders, including industry organizations, regulators, public authorities, and institutional investors.  Mr. Madon's areas of expertise include sustainability/ESG, corporate reporting, financial audit quality/reform, sustainability assurance, ethics, investor protection, financial market regulation, and credit markets.  Most recently, he has focused on the development of a global reporting system (including assurance) for sustainability/ESG information.  Prior to IFAC, Mr. Madon represented the IFRS Foundation in the U.S. for nearly a decade, during which he focused on building institutional investor relationships, funding-raising, and the adoption of IFRS Standards by U.S. publicly traded companies. Prior to his public policy work, Mr. Madon spent twenty-five years in financial services, most recently as a Managing Director at Dresdner Kleinwort Wasserstein. He holds a Masters in Public Administration-MC from the Harvard Kennedy School, an MBA in Finance from The University of Chicago Booth School of Business, and a BS in Management-Accounting from Purdue University Northwest.

 
 
Dave Warren

Director, IPSASB

Dave works with the IPSASB staff team to deliver the Board’s work program developing International Public Sector Accounting Standards (IPSAS) and sustainability reporting standards. Dave acts as a resource and source of advice for the Board Chair and establishes and maintains relationships with key stakeholders.

Prior to this role, Dave was a Principal with the IPSASB where he worked on several projects including financial instruments, measurement, and revenue.

Prior to joining the IPSASB, Dave worked for several years for big-4 accounting firms in Canada. During that time, he worked on complex accounting transactions as part of the accounting firm’s professional practice.

 

 

Dana Jensen
Dana Jensen

Senior Manager, IFAC

Dana Jensen is a trilingual Senior Manager with more than 10 years of experience working at IFAC to support the development, adoption, and implementation of high-quality international standards. She is primarily responsible for managing engagement with the Middle East North Africa (MENA) and Caribbean regions at IFAC. She is also the lead staff responsible for managing the IFAC Professional Accountancy Organization (PAO) Development & Advisory Group, which actively contributes to IFACs strategic objectives by raising awareness on PAO development, facilitating adoption and implementation of international standards and best practices, and empowering PAOs with guidance, leadership, and technical assistance. Since 2021, Dana has led IFAC’s Islamic Finance thought leadership program to support the United Nations Sustainable Development Goals (SDGs) as it promotes socially responsible development and links to economic growth and social welfare.

Prior to her time at IFAC, Dana was a Policy Coordinator at the United Nations (UN) in the Department for Peacekeeping Operations. She holds an MSc from Columbia University (2011); Prince Sultan University-Banque Saudi Fransi Graduate Fellow in Islamic Finance (2021-2023); and holds a Diploma in Islamic Finance from the Chartered Institute of Management Accountants (CIMA) (2023).

Dana was born in New York to parents that worked at the UN as diplomats. She identifies as a Third Culture Kid with family in Lebanon, Saudi Arabia, Singapore, Turkey, United Arab Emirates, and Yemen. She lived in several countries in the Middle East including Iraq, Jordan, and Lebanon before settling back in New York for University and Graduate level studies in 2004. While currently residing in New York with her husband and kids, Dana continues to travel to the Middle East regularly.