The Financial Reporting Council (FRC) of Nigeria, in collaboration with the United Nations Conference on Trade and Development (UNCTAD), initiated the implementation of the Accounting Development Tool (ADT) in Nigeria. The ADT Kick-off Session took place on August 22nd, 2023 in Lagos.
The ADT is a comprehensive toolkit designed to evaluate the legal, institutional, and human resource requirements necessary to enhance the accounting and corporate reporting infrastructure of a country. It enables countries to compare their capacity against international standards and best practices in accounting regulation.
During the event, Ambassador Shuaibu Adamu Ahmed, the Executive Secretary/CEO of the Council, emphasized that the ADT project aligns with the Council’s regulatory mandates of ensuring reliable financial reporting and strengthening Nigeria’s enterprise reporting capacity. He highlighted the numerous benefits that stakeholders can expect from the implementation of the ADT in Nigeria.
Dr. Iheanyi Anyahara, the Director of the Directorate of Accounting Standards, Public Sector, explained that the ADT’s primary objective is to utilize standardized tools to assess Nigeria’s strengths and priorities for capacity development. The ADT aims to provide policymakers with a scientific basis for addressing legal, institutional, and corporate reporting needs, ultimately facilitating economic growth and development in Nigeria.
Representatives from UNCTAD, Dr. Yoseph Asmelash and Mr. Richard Bolwijn, conducted sessions on the core aspects and methodology of the ADT.
Stakeholders and participants expressed their enthusiasm for the innovative concept of the ADT and contributed valuable insights during the event. The ADT project will continue with a One-Day-Meeting (ODM), during which all completed questionnaires will be analyzed, reviewed, and consolidated into a single document. The date for the ODM will be communicated at a later time.