Executive Secretary/CEO, FRC, Dr. Rabiu Olowo in a group photograph with stakeholders and representatives from UNCTAD-ISAR at the meeting.
The Financial Reporting Council (FRC) of Nigeria on Tuesday, May 21, 2024, held a highly successful interim progress meeting on the Accounting Development Tool (ADT) project. The event took place at the Abuja Continental Hotel in Abuja and brought together key stakeholders from the accounting and financial reporting field. The primary objective of the meeting was to discuss the progress made thus far on the ADT project and its potential benefits for the country.
The Executive Secretary/Chief Executive Officer of the FRC, Dr. Rabiu Olowo while delivering his opening speech, highlighted the key aspects of the ADT project. He emphasized its alignment with the Council’s mandate and the significant advantages that Nigeria stands to gain from its successful implementation. Dr. Olowo underscored the importance of the ADT project in enhancing the quality of financial reporting in Nigeria, promoting transparency, and fostering accountability.
The meeting featured engaging sessions where stakeholders and representatives from the United Nations Conference on Trade and Development – Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (UNCTAD-ISAR) actively contributed their valuable insights. These sessions provided a platform for participants to share their experiences, challenges, and suggestions related to the ADT project. The discussions were fruitful, and the inputs received from stakeholders will play a crucial role in shaping the future of the project.
The meeting showcased the Council’s unwavering commitment to promoting transparency and accountability in Nigeria’s financial reporting landscape. The FRC expressed its gratitude to all the stakeholders for their support and looked forward to continued collaboration in the future.
This meeting marked an important milestone in the ADT project, and the Council is confident that the collaboration with UNCTAD-ISAR will drive the project’s success. The Council remains dedicated to working hand in hand with all stakeholders to foster transparency and accountability in the financial reporting of Public Interest Entities in Nigeria.
The ADT project, initiated with a Kick-off Session on August 22, 2023, at Movenpick Hotel in Ikoyi, Lagos, is a comprehensive toolkit designed to assess and improve a country’s accounting and corporate reporting infrastructure. It allows countries to benchmark their capacity against international standards, facilitating the adoption of best practices in accounting regulation.
