To enhance the accounting industry’s ability to adopt the International Sustainability Standards Board, the Association of Chartered Certified Accountants, the Institute of Chartered Accountants of Nigeria, and the Federal Reporting Council of Nigeria have formed a strategic alliance to champion transparency and responsibility in financial reporting.
The two institutions jointly held a roundtable discussion in Lagos on Friday.
The Global Council Member, ACCA, Victoria Ajayi, said, “ACCA, ICAN, and the Federal Reporting Council of Nigeria are collaborating to implement the standards issued by the ISSB. This collaboration aims to ensure uniformity and promote capacity building.
“Nigeria has taken the lead among African countries by announcing its adoption of the ISSB Standards, which will enhance sustainability reporting and elevate Nigeria’s position globally.
According to her, FRCN has demonstrated commendable leadership by announcing its intention to adopt the ISSB Standards during COP27.
“This puts Nigeria at the forefront among African countries in terms of sustainability reporting. With such collaborative initiatives, Nigeria’s efforts in sustainability reporting are poised to gain recognition internationally, placing the country prominently on the global stage,” Ajayi added.
Also, the Regional Head of Public Affairs, Africa, AACA, Jane Ohadike, emphasised the need for professionals in the accounting field to collaborate and adopt the recently launched sustainability standards.
Ohadike said the roundtable discussion aimed to foster understanding among professionals about the importance of collaboration under the leadership of the FRCN Adoption Readiness Working Group.
She also emphasised the importance of bringing together a diverse group, including non-accounting experts and sector specialists, to prioritise and strategise the implementation.
She disclosed that the reporting timeline would start in January 2024. and there was a sense of urgency in preparing for compliance.
On his part, the Director, FRCN, Dr Iheanyi Anyahara, said, “In achieving sustainability it requires collaboration with professionals from various sectors, as it is a multifaceted concept that encompasses all areas of the economy.