FRC to ensure global sustainability reporting – Punch Newspapers

Wealthlandnews June 5, 2022
Updated 2022/06/05 at 6:06 AM

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The Chief Executive Officer, Financial Reporting Council of Nigeria, Ambassador Shuaibu Ahmed, has said it is is collaborating with other global bodies to ensure climate-related risks and disclosure in financial reporting.
He said this during a virtual event on ‘Stakeholder engagement on mainstreaming Nigeria’s collaborative action on climate related risks and disclosure’.
“We at FRCN 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.

According to him, the then Nigerian accounting standards board used to align substantially with the international accounting standards before the country adopted IFRS in 2012.
According to him, Nigeria joined the rest of the world to sign Sustainable Development Goals 2013 agenda which attested to the fact that it aligned with global initiatives.
However, he added, there had been no unified proactive corporate responsibility practices and the forging of a long- term coordinated approach by both public and private sectors of Nigerian economy.

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Presently, he said, sustainability reporting initiatives existed in silos and even non- existence in most sectors, with businesses more concerned with immediate profitability without recourse to social environments consequences.
He said, “Therefore, a unified sustainable approach is inevitable to ensure that the current needs are met for future generations to meet their needs. This event is necessitated by developments arising from the establishment of the International.”
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