FG Unveils Roadmap For New Reporting Standards.

Federal government through the Financial Reporting Council of Nigeria has unveiled a roadmap for the adoption of the Sustainability Financial Reporting Standards in Nigeria.

Chief Executive Officer of Federal Radio Corporation of Nigeria, Mr. Rabiu Olowo, said, it was the third step to further the adoption of the new standards, adding that, Nigeria became the first country in Africa to adopt a roadmap for the adoption of the standards, adding that, the Internal Federal Revenue Service Sustainability Standards are developed to enhance investor-company dialogue and enable investors to receive useful decisions and globally comparable sustainability-related disclosures that meet their information needs.

The roadmap for the adoption of the reporting standard was launched at a session with the Chairman of ISSB and IFRS Foundation, Mr Emmanuel Faber, organised by FRCN and NGX RegCo in Lagos. He also said, NGX RegCo and other team members for their hard work that led to the adoption of the roadmap for the Sustainability Financial Reporting Standard in Nigeria.

Faber said, financial reporting must encompass sustainability standards that address climate change and transition risks, which are inevitable for businesses and nations, stressing that, it is not enough to report financial details in accounting alone, because accounting is counting a lot of things that count, but not everything that counts.

He explained that accounting does not consider long-term, national assets, human capital and other aspects of resilience in macroeconomic and microeconomic business models, which sustainability standards cover, adding that, the ISSB would fully support Nigeria in the implementation of the sustainability standard roadmap to build a business model for greater resilience and economic stability.