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Mid East Info
2 days ago
- Business
- Mid East Info
ACCA and EY share new guidance to help businesses boost confidence in AI - Middle East Business News and Information
New paper sets out key considerations for business leaders and policy makers to help bolster confidence in AI systems Guidance aims to support effective AI assessments, through better governance, compliance and performance Paper seeks to help businesses deploy safe, reliable and effective AI systems, as AI adoption grows Businesses that undertake effective assessments of their artificial intelligence (AI) systems can better harness the technology's potential to boost innovation, productivity, and growth, according to a policy paper published by global accountancy body ACCA, (the Association of Chartered Certified Accountants) and global professional services organisation, EY. The report – AI Assessments: Enhancing Confidence in AI – explores the emerging field of AI assessments, which encompasses a broad spectrum of AI evaluations, spanning technical, governance and compliance assessments, through to more traditional assurance and audits. It outlines the role these assessments can play in evaluating whether AI systems are well governed, compliant with applicable laws and regulations, and perform in line with business leaders' and other users' stated expectations. It makes the case that effective AI assessments allow businesses to deploy AI systems that are more likely to be effective, reliable and trusted. The paper also addresses the current challenges that come with these emerging types of AI assessments and identifies the key elements needed to make them robust and meaningful for their different users. AI assessments, whether voluntary or mandated, are increasingly being considered and used by businesses, investors, insurers and policymakers as adoption and deployment of AI accelerates around the world, and amid a growing need to build and enhance trust in the technology. The publication of the this paper comes at a time when the policy landscape relating to AI assessment continues to evolve. Among the latest developments is the Trump administration's publication of an AI Action Plan, which states that 'rigorous evaluations can be a critical tool in defining and measuring AI reliability and performance in regulated industries'. The paper details how effective AI assessments can foster increased confidence in AI. The paper identifies three emerging types of AI assessments: Governance assessments – to evaluate the internal governance structures surrounding AI systems; – to evaluate the internal governance structures surrounding AI systems; Conformity assessments – to determine compliance with any applicable laws, regulations and standards; and – to determine compliance with any applicable laws, regulations and standards; and Performance assessments – to measure AI systems against predefined quality and performance metrics. The report outlines a number of current challenges that hinder the robustness and effectiveness of some AI assessment frameworks and explains how these can be managed through the adoption of well-specified objectives; clearly defined methodologies and criteria; and competent, objective and professionally accountable providers. The report also sets out a number of concrete suggestions to help business leaders and policymakers ensure AI assessments are as effective as possible, including: Business leaders should consider the role AI assessments – including voluntary ones – can play in enhancing corporate governance, risk management and building confidence in AI systems among customers and employees. Policymakers are encouraged to very clearly define the purpose, components, methodology and criteria of AI assessments; and support AI assessment standards that are – to the extent practicable – compatible with those in other countries and in other ways minimally burdensome on businesses. Policymakers should also support capacity-building in the market to provide high-quality, consistent, and cost-effective assessments. Helen Brand, chief executive, ACCA, said: 'As AI scales across the economy the ability to trust what it says is not just important, it is vital for the public interest. This is an area where we need to bridge skills gaps and build trust in the AI eco-system as part of driving sustainable business. We look forward to collaborating with policymakers and others in this fascinating and important area.' Marie-Laure Delarue, EY Global Vice-Chair, Assurance, says: 'AI has been advancing faster than many of us could have imagined, and it now faces an inflection point, presenting incredible opportunities as well as complexities and risks. It is hard to overstate the importance of ensuring safe and effective adoption of AI. Rigorous assessments are an important tool to help build confidence in the technology, and confidence is the key to unlocking AI's full potential as a driver of growth and prosperity.' 'As businesses navigate the complexities of AI deployment, they are asking fundamental questions about the meaning and impact of their AI initiatives. This reflects a growing demand for trust services that align with EY's existing capabilities in assessments, readiness evaluations, and compliance.'
Techday NZ
4 days ago
- Business
- Techday NZ
EY & ACCA urge trustworthy AI with robust assessment frameworks
EY and the Association of Chartered Certified Accountants (ACCA) have released a joint policy paper offering practical guidance aimed at strengthening confidence in artificial intelligence (AI) systems through effective assessments. The report, titled "AI Assessments: Enhancing Confidence in AI", examines the expanding field of AI assessments and their role in helping organisations ensure their AI technologies are well governed, compliant, and reliable. The paper is positioned as a resource for business leaders and policymakers amid rapid AI adoption across global industries. Boosting trust in AI According to the paper, comprehensive AI assessments address a pressing challenge for organisations: boosting trust in AI deployments. The report outlines how governance, conformity, and performance assessments can help businesses ensure their AI systems perform as intended, meet legal and ethical standards, and align with organisational objectives. The guidance comes as recent research highlights an ongoing trust gap in AI. The EY Response AI Pulse survey found that 58% of consumers are concerned that companies are not holding themselves accountable for potential negative uses of the technology. This concern has underscored the need for greater transparency and assurance around AI applications. "Rigourous assessments are an important tool to help build confidence in the technology, and confidence is the key to unlocking AI's full potential as a driver of growth and prosperity." Marie-Laure Delarue, EY's Global Vice-Chair, Assurance, expressed the significance of the current moment for AI: "AI has been advancing faster than many of us could have imagined, and it now faces an inflection point, presenting incredible opportunities as well as complexities and risks. It is hard to overstate the importance of ensuring safe and effective adoption of AI. Rigourous assessments are an important tool to help build confidence in the technology, and confidence is the key to unlocking AI's full potential as a driver of growth and prosperity." She continued, "As businesses navigate the complexities of AI deployment, they are asking fundamental questions about the meaning and impact of their AI initiatives. This reflects a growing demand for trust services that align with EY's existing capabilities in assessments, readiness evaluations, and compliance." Types of assessments The report categorises AI assessments into three main areas: governance assessments, which evaluate the internal governance structures around AI; conformity assessments, determining compliance with laws, regulations and standards; and performance assessments, which measure AI systems against specific quality and performance metrics. The paper provides recommendations for businesses and policymakers alike. It calls for business leaders to consider both mandatory and voluntary AI assessments as part of their corporate governance and risk management frameworks. For policymakers, it advocates for clear definitions of assessment purposes, methodologies, and criteria, as well as support for internationally compatible assessment standards and market capacity-building. Public interest and skills gap Helen Brand, Chief Executive of ACCA, commented on the wider societal significance of trustworthy AI systems. "As AI scales across the economy, the ability to trust the technology is vital for the public interest. This is an area where we need to bridge skills gaps and build trust in the AI ecosystem as part of driving sustainable business. We look forward to collaborating with policymakers and others in this fascinating and important area." The ACCA and EY guidance addresses several challenges related to the current robustness and reliability of AI assessments. It notes that well-specified objectives, clear assessment criteria, and professional, objective assessment providers are essential to meaningful scrutiny of AI systems. Policy landscape The publication coincides with ongoing changes in the policy environment on AI evaluation. The report references recent developments such as the AI Action Plan released by the Trump administration, which highlighted the importance of rigorous evaluations for defining and measuring AI reliability and performance, particularly in regulated sectors. As AI technologies continue to proliferate across industries, the report argues that meaningful and standardised assessments could support the broader goal of safe and responsible AI adoption both in the private and public sectors. In outlining a potential way forward, the authors suggest both businesses and governments have roles to play in developing robust assessment frameworks that secure public confidence and deliver on the promise of emerging technologies.
New Paper
5 days ago
- Business
- New Paper
'It's a personal mission': Side hustles become way of life for more full-time workers
When Ms Joey Chan saw many pet owners struggling to find someone to care for their pets when they travel or work, she began offering house visits as a service. The 26-year-old goes to pet owners' homes to feed their fur kids, clean up after them and administer medicine if needed. She also offers dog-walking services, stepping in when owners are too busy to do so themselves. "Many of my clients have become regulars, and some even trust me enough to leave their home keys with me permanently so I can step in whenever needed," she told The Straits Times. During peak periods like holiday seasons, she sometimes has to manage five or six home visits a day while juggling her full-time job as a business development manager at The Mind Cafe. To do this, she has to ensure that the visits are scheduled strictly outside of work hours or on weekends. "It can be exhausting, but I make it work because I genuinely love what I do," she said. "This is more than just a side hustle; it's a personal mission," the animal lover said. Ms Chan is among a growing number of full-time employees, especially millennials and Gen Zers, who are pursuing side gigs not just to supplement their income, but also to seek personal fulfilment. Changing perception While having a side gig, or moonlighting, was once frowned upon, the practice is increasingly being reframed with more positive labels such as hustling, polyworking or having a "slash career" or "portfolio career". The trend has become more prevalent in the post-pandemic world. While some employees do it discreetly, others are embracing their side ventures openly - sometimes even with the blessing of their employers. Ms Chan's employer, for instance, is supportive of her pet-sitting gig. "There's a mutual understanding that as long as it doesn't affect my work performance and I continue to fulfil my responsibilities, it's completely fine," she said. According to a 2025 report by the Association of Chartered Certified Accountants (ACCA), 33 per cent of Singapore respondents across all generations said they are now engaged in additional employment beyond their main job. The report, which polled more than 10,000 respondents from 175 countries including Singapore, said growing exposure to social media and technology might have shaped attitudes and made younger people in South-east Asia more open to having a side hustle. "For Gen Zers in Singapore, side hustles often stem from a desire for creative fulfilment, personal branding or income diversification. Social media certainly plays a role in normalising entrepreneurial ventures," said ACCA Singapore country manager Daniel Leung. The national curriculum has also increasingly encouraged innovation and entrepreneurship among students in polytechnics and universities. "That early encouragement has translated into greater confidence among young professionals to try something of their own, even while holding a full-time role," he said. Entrepreneurial experiment While some see their side gigs as a small passion project, others are keen to grow them bigger. Mr Tok Wei Cheng and Mr Jonathan Tan started building Acuppa, an online directory for home-based food and beverage (F&B) businesses in Singapore, when they were undergraduates. They found satisfaction in connecting these small businesses with residents living nearby, and do not charge for the listings. Mr Tok, 28, and Mr Tan, 27, now have full-time jobs in marketing and tech, respectively, but they regularly find time outside of work to visit some of the 140 listed businesses, shooting promotional videos for them, and to brainstorm ideas on how to improve the platform. The platform has grown bigger than expected, said Mr Tok. There is potential for monetisation, but the two founders are still considering it as they have to be prepared to put in more time and effort to scale the project further. Acuppa founders Jonathan Tan (with camera), 27, and Tok Wei Cheng (right) at a shoot with Mr Samuel Quah, who runs home cafe Blank on June 21. ST PHOTO: SHINTARO TAY Based on his observations, Mr Tok said most home-based businesses on his platform are run by those with full-time jobs, and they operate mainly on weekends or weekday evenings. Tofu Tofu and That Day At Home are two examples. Ms Tris Su, 34, owner of Tofu Tofu, has been selling the trendy matcha latte from her Bedok home since March. Sales have grown from about 15 cups a weekend to more than 60 now. "I genuinely enjoy the process, from whisking to packaging - it doesn't feel like a chore," she said. Ms Tris Su sold about 15 cups of matcha latte during Tofu Tofu's launch weekend in March 2025. Now, sales have grown about 4.5 times that figure over a weekend. PHOTO: TOFU TOFU The marketing professional is running her business as a "low-key" weekend hustle, and is keeping it "entirely separate" from her full-time job to avoid conflict of interest. For Ms LX, the owner of That Day At Home, who requested anonymity, the inspiration for her home cafe in Punggol came during a trip to Bangkok, where she and her husband stumbled upon a small bar with a warm atmosphere and inviting music. "What if we could create a similar vibe back in our own neighbourhood?" she thought. Ms LX's inspiration to start That Day At Home came from a small bar that she stumbled upon during a trip to Bangkok with her husband. PHOTO: THAT DAY AT HOME The couple experimented with different beans and brewing methods before they opened for business. "With matcha, I spent about a year trying different brands and ratios until I landed on a recipe that felt just right," Ms LX said. Ms LX spent about a year trying different brands and ratios of matcha before nailing a recipe. PHOTO: THAT DAY AT HOME The 35-year-old, who works in the tech industry, said she is grateful that her employer has been supportive of her small venture. "The beauty of it being a passion project is that it allows us to stay intentional, focusing on making good drinks and creating authentic moments with the community." Employers' take Several experts told ST that employers generally do not have issues with side-hustling employees who meet expectations at work. However, employers' tolerance levels can differ based on employee tenure, industry type and the nature of the work. Mr Jeffrey Li, co-founder of accounting and corporate services provider said he appreciates employees who develop skills from their side gigs and apply them effectively at work. For instance, an assistant accountant helped his firm set up a customer relationship management system. "We've had accountants who run their own or family online businesses bring in fresh perspectives and practical skills that go beyond their day-to-day roles. These capabilities are often hard to build in a traditional accounting role alone," Mr Li said. Ms Juliet Tan, founder of human resources consultancy firm Emplifi, noted that some employers have invested in their employees' side ventures and have become their investors. But in certain industries, such as retail and F&B, employers are unlikely to approve any side gigs as they want their employees to rest on their day off. "Side jobs can affect performance due to lack of rest and split attention," Ms Tan said. Mr Khelvin Xu, a disputes and employment lawyer and director at law firm Covenant Chambers, said it also boils down to the relationship between employees and their supervisors. "If they (employees) are meeting or exceeding expectations, their employer is more likely to see whatever they are doing in a positive light. "Conversely, if they are not doing well, their employer may well latch onto their side hustle as a reason, and perhaps even use that as a pretext to push the employee towards the exit," he said. "As a very general rule of thumb, if your side hustle is completely unrelated to your day job, and you are still meeting or exceeding expectations for your day job, then chances are less that you are in breach of this duty of good faith and fidelity." Mr Xu added that if there are no clauses in an employment contract that expressly prohibit outside work, "the courts are generally reluctant to impose restrictions which would hamper employees from increasing their earnings in their spare time". Income declaration The Inland Revenue Authority of Singapore said earnings derived from side hustles are subject to tax under self-employment income, even if the business is not registered with the Accounting and Corporate Regulatory Authority. Generally, side hustlers are required to file an income tax return when they receive a notification from Iras. If they do not hear from the taxman, they will have to declare their income in the preceding calendar year if: their total income is more than $22,000; or they make a net profit of more than $6,000 from their self-employment; or they are a non-resident who derived income from Singapore. When declaring gig income, people may be able to reduce their taxable amount by claiming allowable business expenses, such as costs for packing materials and ingredients. ACCA's Mr Leung said side hustling can be increasingly accepted, or even valued - if done responsibly with clear boundaries. "In short, side hustles are not inherently problematic. It's how they're managed that matters."
Business Recorder
7 days ago
- Business
- Business Recorder
Globally consistent accounting standards urged for carbon-related instruments
KARACHI: A new joint study by ACCA (the Association of Chartered Certified Accountants) and the University of Glasgow's Adam Smith Business School highlight the urgent need for globally consistent accounting standards for carbon-related instruments. The research, titled Reality of accounting for carbon-related instruments, reviewed 300 companies in high-emitting sectors and found significant inconsistencies in how these instruments are treated in corporate financial reports. Currently, there is no dedicated IFRS Accounting Standard for carbon-related instruments, leading companies to create their own accounting policies. According to Professor Ioannis Tsalavoutas from the University of Glasgow, this discretion results in a lack of transparency and comparability, with inconsistent terminology and methodologies undermining confidence in sustainability claims. To address this gap, ACCA and the University recommend developing a globally applicable accounting standard. This would guide companies on defining the scope, recognition, measurement, and disclosure of carbon-related instruments, ensuring faithful representation of their financial and environmental impact. They also suggest adopting a unified term—'carbon-related instruments'—to promote harmonized communication across markets. ACCA has supplemented the report with two practical articles offering insights for decision-makers and finance teams, including workflows based on current IFRS standards and the broader implications for ESG reporting, tax risk, and reputation. Aaron Saw, Head of corporate reporting insights, at ACCA, emphasized that quality information on these instruments is vital for stakeholders. ACCA calls on regulators, standard-setters, and finance professionals to engage with the findings, to build a more transparent and trustworthy carbon market. Copyright Business Recorder, 2025
Time of India
30-07-2025
- Business
- Time of India
GCCs to contribute 2% to India's GDP, create 2.8 million jobs by 2030: Report
Academy Empower your mind, elevate your skills Global capability centres (GCCs) are set to contribute 2% of India's GDP and generate 2.8 million jobs by 2030, and are emerging as a key growth and employment generator, according to a report by ACCA (the Association of Chartered Certified Accountants ).GCCs, also known as Global In-house Centres (GICs) or Captive Centres, are fully owned and integrated hubs established by multinational corporations in talent-rich locations to build value and intellectual leverage global talent pools and technological advancements to enhance organisational capabilities and drive business over 1700 GCCs in 2023-24, which is expected to rise to over 2200 by 2030, India has become the prominent destination for the MNCs to set up their the favourable factors, the report said that a skilled workforce, favourable government policies, and improving infrastructure fuel the growth of GCCs in Financial Year 2024, GCCs generated approximately USD 64.6 billion in export revenue: a 40% increase from USD 46 billion in report added that about 20,000 global leadership roles are projected to be based in India by growth of GCCs in India is most prominent in Tier-1 cities, with Bengaluru leading the pack with 487 centres (29% of India's total). Hyderabad follows closely with 273 GCCs (16%), while the NCR region hosts 272 centres. Mumbai, Pune, and Chennai also contribute significantly, accounting for 12%, 11%, and 10% of the national total, is a reflection of India's effort to establish itself as the world leader in housing Global Capability centres (GCCs), with currently nearly 1,700 centres, over 53% of the total 3,200 have evolved from cost-saving units to strategic hubs driving innovation, operational efficiency, and business growth. GCCs are strategically located in countries like India, offering access to diverse talent pools, robust ecosystems, and favourable business report highlights that the finance roles in GCCs have shifted from doing basic transaction-focused accounting to creating value for the organisation through process improvement and cost transformation initiatives. Opportunities abound in business partnering, procurement, reporting, planning, and entry-level roles focus on data analytics, financial planning and analysis (FP&A), and compliance management, mid-level roles are shifting to process improvements and driving transformation, the report added.
