MoU Signed to Enhance Reporting Standards in Nepal's Securities Market

In a significant move towards fostering transparency and uniformity in reporting standards within Nepal's securities market, the Accounting Standard Board and the Securities Board of Nepal (SEBON) have officially signed a Memorandum of Understanding (MoU). The agreement, inked by Mr. Ramesh Kumar Hamal, Chairman of the Nepal Securities Board, and Mr. Prakash Jung Thapa, F.C.A., Chairman of the Accounting Standard Board, aims to establish consistent reporting practices among organized organizations in the securities market.

The MoU between the Accounting Standard Board and the SEBON focuses on developing and implementing Nepal Sustainability Reporting Standards (NSRS). This innovative initiative aims to provide comprehensive information on environmental responsibility, social accountability, governance fulfillment, and overall business practices. The agreement designates the SEBON to implement these standards in the absence of accounting standards.

Endorsed by the International Organization of Securities Commissions (IOSCO), the MoU aligns with IOSCO's recommendation to adopt IFRS S1 and IFRS S2. As an IOSCO Associate Member, the Nepal Securities Board commits to these values, supporting Sustainable Development Goals (SDGs) 12 for Responsible Consumption and Production. The Accounting Standard Board will lead NSRS development, chaired by Mr. Prakash Jang Thapa, FCA. This collaborative effort signifies a significant milestone in enhancing reporting standards and promoting sustainable business practices in Nepal's securities market.