Financial Reporting Council of Nigeria
October 18, 2024
September 2, 2024
August 2, 2024
Guidance on Management Report on Internal Control Over Financial Reporting View Document Here
May 26, 2024
Guidance on Management Report on Internal Control Over Financial Reporting View Document Here
December 20, 2024
IFRS Foundation Recognizes Nigeria’s Progress in Sustainability Reporting
The International Financial Reporting Standards (IFRS) Foundation has acknowledged the strides Nigeria has made in sustainability reporting. In its latest report, titled “Progress on Corporate Climate-related Disclosures – 2024 Report,” published in November 2024, the IFRS Foundation highlighted the Financial Reporting Council (FRC) of Nigeria for its significant contributions to sustainability reporting in the country.
The report details Nigeria’s advancements in climate-related corporate disclosures among Nigerian companies, emphasizing the transition from the Task Force on Climate-related Financial Disclosures (TCFD) recommendations to the adoption of International Sustainability Standards Board (ISSB) Standards, specifically IFRS S1 and S2. Nigeria is recognized as one of 30 jurisdictions—representing 57% of global GDP and contributing over 50% of greenhouse gas emissions—that are adopting or planning to implement ISSB Standards.
A key highlight of the report is the FRC’s Roadmap Document, which outlines a phased implementation strategy for sustainability reporting. This approach includes early adoption and voluntary participation from 2024 to 2027, transitioning to mandatory adoption by 2028. The roadmap also integrates the financial reporting process with specific timelines for assurance, starting with limited assurance in the third year of reporting and advancing to reasonable assurance for all sustainability-related matters starting in the sixth year.
In March 2024, the Adoption Readiness Working Group of Nigeria, led by the FRC, unveiled a comprehensive roadmap for the adoption of ISSB Standards. This roadmap delineates four phases of adoption, commencing with voluntary compliance from all groups of Nigerian reporting entities beginning in the fiscal year 2024. Public interest entities, excluding government and governmental organizations, will be obligated to implement ISSB Standards from the fiscal year 2028, with requirements extending to small and medium-sized enterprises (SMEs) by fiscal year 2030.
Notably, Nigeria was the first country in Africa to declare its intention for the early adoption of the ISSB at COP 27 in Egypt in 2022. Additionally, four Nigerian companies—MTN, Seplat Energy, Access Bank, and Fidelity Bank—have published their inaugural financial reports utilizing IFRS S1 and S2 sustainability reporting standards for the 2023 financial year.
This recognition from the IFRS Foundation underscores Nigeria’s commitment to enhancing sustainability practices and aligns with global efforts to address climate change through improved corporate transparency and accountability.
Click here to access the Report
November 30, 2024
FRC Hosts Stakeholder Engagement Session on Proposed Valuation Regulations
The Financial Reporting Council (FRC) of Nigeria held a Stakeholder Engagement Session at the Lagos Marriott Hotel, Ikeja GRA, on Friday, November 29, 2024, focusing on the Proposed Valuation Regulations for Financial Reporting.
In his keynote address, the Executive Secretary/CEO of the FRC, Dr. Rabiu Olowo, underscored the essential role of valuation in financial reporting. He stated:
“Valuation is not merely an exercise of assigning a monetary value to assets or liabilities. It is an intricate process that requires rigorous methods, a deep understanding of market dynamics, and adherence to well-defined standards.”
Dr. Olowo further highlighted the significance of the proposed regulations in promoting accountability and transparency in the valuation process, noting:
“The proposed regulations are an important step forward in ensuring that valuations are conducted in a manner that upholds the principles of fairness, transparency, and accuracy. They provide a structured approach to valuation that will help standardize practices, mitigate risks associated with subjective judgment, and enhance the comparability of financial statements across entities and jurisdictions.”
The event included an Overview of the proposed regulation presented by ESV Olaniyi Fadoju, Coordinator of the Technical Working Group (TWG), a detailed overview of the Valuation Guide by Mr. Elijah Oladunmoye, a member of the TWG, a Panel Discussion and an engaging Q&A session, allowing stakeholders to provide invaluable feedback and suggestions.
The Technical Working Group (TWG), comprising professionals from organizations such as NIESV, SEC, KPMG, PWC, Deloitte & Touche, EY, NGX, ICAN, ANAN, and FCCPC, showcased their expertise in drafting regulations that uphold fairness, integrity, and trust.
This event marks a pivotal moment in the development of valuation regulations, reinforcing the FRC’s commitment to improving financial reporting standards across the nation.
November 28, 2024
Announcing An Exclusive Workshop on Accounting and Financial Reporting for Small And Medium-size Entities(SMEs)
The Financial Reporting Council of Nigeria (FRC), in collaboration with UNCTAD-ISAR (United Nations Conference on Trade and Development – International Standards of Accounting and Reporting), is delighted to invite you to a one-day exclusive workshop on:
Theme:
“Accounting and Financial Reporting for Small and Medium-Sized Entities (SMEs): Enhancing Compliance and Growth.”
This workshop is tailored to provide insights into effective accounting practices and financial reporting frameworks specifically designed for SMEs, addressing their unique challenges and opportunities.
Date: 17th December, 2024
Time: 9:00AM – 4:00PM
Venue: Lagos Intercontinental Hotel, Victoria Island, Lagos
Key Highlights:
- Expert sessions led by representatives from FRC and UNCTAD-ISAR.
- Discussion on global best practices and practical approaches to SME financial reporting.
- Networking opportunities with industry leaders, regulators, and SME stakeholders.
This is a must-attend event for SME owners, accountants, financial professionals, and stakeholders keen on understanding and adopting effective financial reporting standards to drive compliance and business growth.
Participation is free, but registration is required.
RSVP Now: Ojoladejo@frcnigeria.gov.ng Or 08066106014
Join us as we empower SMEs with the tools for financial success and sustainable development!
November 21, 2024
Invitation to Stakeholder Engagement on Proposed Valuation Regulations For Financial Reporting
The Financial Reporting Council of Nigeria (FRC) cordially invites the general public, stakeholders, and professionals to a Stakeholder Engagement Session on the Proposed Valuation Regulations for Financial Reporting.
This session is an opportunity to engage, provide feedback, and contribute to the development of robust valuation regulations that align with global standards and enhance transparency in financial reporting.
Date: 29th November, 2024
Time: 9 am prompt
Venue: Lagos Marriott Hotel
Your input is invaluable as we strive to create a regulatory framework that supports accurate and reliable financial reporting in Nigeria.
We look forward to your participation in shaping the future of valuation practices in our financial system
Click here to register https://shorturl.at/3o7JJ
RSVP: dvs@frcnigeria.gov.ng