The Financial Reporting Council of Nigeria is pleased to announce that its Executive Secretary/CEO, Dr. Rabiu Olowo, has been elected as the Chair of the 41st session of United Nations Conference on Trade and Development (UNCTAD), Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR). This prestigious appointment is a testament to Dr. Olowo’s exceptional leadership and expertise in corporate reporting.

Speaking after his election, Dr. Olowo expressed his gratitude and commitment to leading the global collaboration of experts. “It is a great honour to be elected Chair of 41st session of UNCTAD ISAR,” he said. “I am committed to leading a global collaboration of experts focused on improving transparency and comparability in corporate reporting across the globe in order to unlock capital flows.”

As the Chair of UNCTAD ISAR, Dr. Olowo will play a crucial role in shaping the global financial reporting landscape. His vision for improved transparency and comparability in financial reporting aligns with the FRC’s mission to promote excellence in financial reporting and governance.

Under Dr. Olowo’s leadership, the FRC has undergone significant transformation, with initiatives such as the development of Small and Medium Enterprises, Corporate Governance Guidelines (SME CGG) and launching the roadmap for the adoption of sustainability reporting standards in Nigeria in collaboration with the ISSB Chairman.

Key Highlights of Dr. Olowo’s Election:

• Global Recognition: Dr. Olowo’s election as Chair of UNCTAD ISAR recognizes his expertise and leadership in corporate reporting.
• Improved Transparency: Dr. Olowo’s commitment to improving transparency and comparability in corporate reporting will unlock capital flows globally.
• FRC’s Transformation: Under Dr. Olowo’s leadership, the FRC has introduced initiatives to promote excellence in financial reporting and governance.

Pursuant to Section 29 (a-g); Section 73 and other relevant provisions of the FRC Act 2011 (as amended), FRC has developed a draft Valuation Regulations for Financial Reporting, 2024, that would provide a regulatory framework for valuers in Nigeria offering valuation services for the purpose of Financial Reporting, is now in the Exposure Draft (ED) phase of the FRC Statutory Regulatory document development stage.

The primary objectives are to provide a regulatory framework for valuers in Nigeria offering valuation services for the purpose of financial reporting in compliance with the provisions of the FRC Act 2011 (as amended) and regulate the activities of valuers with a view to sustaining best ethical practices capable of promoting quality valuation services for the purpose of financial reporting.

The FRC now seeks to engage stakeholders in the valuation industry as a further mandatory step to issuance of the Regulations. We hereby request all Professionals, Relevant Professional Bodies (RPBs), Valuation Firms, Organisations, Businesses, etc to provide documented comments and feedback on the Draft Valuation Regulation for Financial Reporting, 2024, to FRC on or before Tuesday, December 3, 2024, to dvs@frcnigeria.gov.ng.

Kindly download the Draft Valuation Regulations for Financial Reporting, 2024, using the link below: