The International Sustainability Standards Board (ISSB), the Financial Reporting Council of Nigeria (FRCN), and NGX Regulation Limited (NGX RegCo), recently organized five webinars to prepare African companies on sustainability reporting.
This comes ahead of the imminent release of the ISSB’s first two IFRS Sustainability Disclosure Standards, better known as IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information); and IFRS S2 (Climate-related Disclosures).
The webinars themed: “ISSB Industry-based Disclosure: Using the SASB Standards – A Tool for Disclosure of Sustainability-Related Information,” was well attended by over 1,500 individuals from Nigeria, Africa and beyond, and held from June 6 to June 8.
The webinars featured presentations on IFRS S1 and IFRS S2 as well as the industry-specific metrics drawn from the Sustainable Accounting Standards Board (SASB) Standards. These covered four industries: the Oil & Gas, Telecommunications, Financial Services, and Food & Beverages and Consumer Goods sectors.
To this end, the Executive Secretary, FRCN, Shuaibu Adamu, commended the FRCN, ISSB and NGX RegCo for their efforts in helping to create awareness around the launch and adoption of IFRS 1 and IFRS 2,
He said that it was encouraging that African countries came together to collaborate in this capacity building programme, as Africa does not intend to be left behind and is partnering with the IFRS Foundation to ensure significant investment in strengthening the countries, also to ensure the ISSB standards are truly global in their implementation.
The objective of the IFRS Sustainability Standards is to enable companies to provide a global baseline of sustainability-related and climate related disclosures that are decision useful, cost-effective and market-informed…
Building capacity
Speaking during the webinars, the Director, Directorate of Accounting Standards, (Public Sector), FRCN, Dr. Iheanyi Anyahara, commended the joint efforts of the organizers to ensure that Nigerian companies are prepared to early adopt the ISSB Standards when they become effective.
He also noted that the capacity building engagements will continue even after the webinar series, adding that the FRCN has inaugurated the Adoption Readiness Working Group (ARWG), which will make recommendations to the FRCN on the adoption of the IFRS Sustainability Standards in Nigeria.
Similarly, the Chief Executive Officer, NGX RegCo, Ms. Tinuade Awe, said as a member of the NGX Group, the company has been involved in furthering the development of sustainability reporting in Nigeria over a period of time.
Expressing her appreciation to the FRC and the ISSB for collaborating with NGX RegCo in this successful effort, Awe noted that the webinars were necessary to get Nigerian and African companies ready to comply with IFRS S1 and IFRS S2 when they become effective so that they will not be left behind in the global race to unlock capital for growth and development.
On her part, Board Member, ISSB, Dr. Ndidi Nnoli-Edozien, said: “The IFRS Accounting standards are used across 140 countries. And the objective of the IFRS Sustainability Standards is to enable companies to provide a global baseline of sustainability-related and climate related disclosures that are decision useful, cost-effective and market-informed providing comparability across companies, industries and markets and applicable without undue cost and effort.”
According to her, the sustainability-related disclosures are important to global capital markets, and will develop a common language of sustainability related disclosures that provide useful information to investors, with the potential to unlock capital flows.
Members of the working groups at the webinars included General Manager, Sustainability & Shared Value, MTN Nigeria Plc, Mrs Adekemi Adisa; Chief Financial Officer, Interswitch Limited, and Senior Lecturer in the Department of Accountancy, Nnamdi Azikiwe University, Awka, Dr Onyinye Eneh.
They hinged on sustainability reporting as a critical tool for unlocking the capital that companies need, adding that the release of IFRS S1 and S2 by the ISSB is a huge relief and would go a long way in addressing this issue for companies.
