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.
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