Financial Reporting Council of Nigeria seeks collaborations to enhance practices

The Financial Reporting Council of Nigeria will collaborate with other global bodies to ensure climate-related risks and disclosure in financial reporting are reduced.

Chief Executive Officer, Financial Reporting Council of Nigeria, Ambassador Shuaibu Ahmed, stated this during a virtual event on ‘Stakeholder engagement on mainstreaming Nigeria’s collaborative action on climate related risks and disclosure’.

“We plan to ensure that Nigeria effectively contributes to global single set of high sustainability reporting standards,” he said.

He noted that Nigeria had long aligned with global standards, especially in financial reporting, auditing and corporate governance.

Ahmed noted that the then Nigerian accounting standards board used to align substantially with international accounting standards before the country adopted IFRS in 2012.

Nigeria joined the rest of the world to sign the Sustainable Development Goals 2013 agenda aligning itself with global initiatives and best practices.

However, the FRC boss noted that there has been no unified proactive corporate responsibility practice and the forging of a long- term coordinated approach by both public and private sectors of the Nigerian economy.

Punch/Hauwa Abu