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FRC to promote transparency in fin. reporting

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By Mercy Kelani

Adoption readiness roadmap is now complete and ready for implementation.

Rabiu Olowo, in his role as the executive secretary of the Financial Reporting Council of Nigeria (FRC), emphasized Nigeria’s dedication to promoting transparency in financial reporting and business performance by adopting global standards for sustainability reporting. This move signifies Nigeria’s early support for sustainable reporting practices, positioning the country as a leader in this aspect. The adoption readiness team is prepared to lead the Council on its journey to success and will be piloting its strategies and plans.

The Financial Reporting Council of Nigeria (FRC) is pleased to report to the president of the federation that the adoption readiness roadmap is now complete and ready for implementation. The agency announced that they have established guidelines for businesses to adhere to. He mentioned that they already have five groups of companies who have adopted these standards early on, and there is a voluntary period until 2028 for all businesses to comply with the mandatory standards.

Nig. is committed to upholding global norms & is eager to work with ISSB.

Emphasizing the significance of following rules and regulations in the pursuit of sustainability goals, the president assured that Nigeria is committed to upholding global norms and is eager to work with ISSB to maximize the use of national resources by improving financial management practices. In their leadership role, they are dedicated to implementing innovative techniques for financial reporting and streamlining processes. This extends to their efforts in environmental protection, as they are close to achieving a substantial decrease in gas flaring across the nation.

Their commitment to transparency has never been stronger, and they are striving to showcase the continent in a manner that advances the well-being of all mankind, remarked Tinubu. In discussing the dedication of the country to sustainability reporting, Faber highlighted the country’s pledge to embrace strict new standards at COP 27 in Sharm el-Sheikh, Egypt in 2022. This commitment has now come to fruition as Nigeria strives to be one of the first to adopt these standards.

Pioneering efforts of the nation have set a global standard in Africa.

Excited to see Nigeria unveil its adoption readiness roadmap, he said he was grateful to be a part of this momentous occasion. The pioneering efforts of the nation have set a global standard in Africa and across its borders. He observed that Nigeria is embracing these standards with enthusiasm, as they have the potential to attract long-lasting investments from overseas, enhance diversity in supply chains, and support the transition to a more environmentally friendly economy.

Furthermore, the organization in Nigeria responsible for establishing accounting standards, previously known as the Nigerian Accounting Standards Board (NASB), is now called the Financial Reporting Council (FRC). Shuaibu Adamu Ahmed was appointed as the Executive Secretary/Chief Executive Officer of FRC on May 6, 2021, by the Minister of Industry, Trade and Investment, Adeniyi Adebayo. The Financial Reporting Council Bill became law on July 20, 2011. Olusegun Aganga, the minister of Industry, Trade and Investment, made a statement then.

Related Article: FRC Adopts ISSB to Curb Corporate Corruption

He said that financial statements in Nigeria will now provide more valuable information for decision making. This is because the Financial Reporting Council will regulate and set standards for accounting, auditing, actuarial, valuation, and corporate governance in the country, ensuring consistency and reliability in the preparation of these statements. The FRC serves as a unified independent regulatory body overseeing various aspects of financial reporting. Compliance in these specific areas will be closely monitored with a focus on professionalism and adherence to regulations.

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