Fifteen of the world's largest development banks have wrapped up three days of high-level talks on artificial intelligence, climate accounting, and new financial reporting standards at the African Development Bank's Pretoria office.
The 14th Annual Forum of Chief Accountants of Multilateral Development Banks addressed mounting pressure from G20 nations to harmonise accounting practices across institutions that collectively manage trillions in development finance.
The three-day event included in-depth discussions on emerging technologies in accounting, the adoption of new International Financial Reporting Standards (IFRS 18), climate risk reporting, and incorporating artificial intelligence in financial accounting processes
Afef Bouabene-Kallel, Director of the African Development Bank's Financial Control team, led the forum with participation from other members of the Bank Group's Finance Department.
"You're creating genuine value for our organisations," Dr Kennedy Mbekeani, Director General of the African Development Bank's Southern Africa Region, told the gathering of chief accountants of international MDBs including Asian Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, European Investment Bank, Islamic Development Bank and the World Bank Group.
Climate finance dominated discussions, with the Partnership for Carbon Accounting Financials presenting on carbon accounting standards as development banks face growing demands for climate-related financial disclosures.
The African Development Bank's Riadh Belhaj addressed technical challenges around sovereign preferred creditor treatment in credit risk assessments, while World Bank Chief Accountant Michael Child demonstrated new sustainability reporting platforms.
Nicolas Blin of Deloitte Paris led sessions on AI's transformation of accounting and risk management, while International Sustainability Standards Board Vice-Chairman Jingdong Hua briefed participants on evolving sustainability reporting requirements.
The annual Forum of Chief Accountants of Multilateral Development Banks each year brings together accounting professionals within MDBs to exchange information on accounting standards, financial reporting, and other relevant issues.
