The Financial Reporting Council (FRC) of Nigeria, in collaboration with NGX Regulation Limited (NGX RegCo) and the International Sustainability Standards Board (ISSB), is set to host the launch of IFRS 1 and IFRS 2, the first two IFRS Sustainability Disclosure Standards.
The launch event will take place on Monday, signaling a significant step towards providing comprehensive sustainability information and attracting international capital.
Scheduled to commence at 10:30 am, the launch will be held at the Nigerian Exchange Group house. Attendees can expect a keynote address from a distinguished market regulator, an engaging three-way fireside chat featuring representatives from FRC, ISSB, and NGX RegCo, as well as an insightful panel discussion.
The discussions will revolve around the Standards themselves, highlighting the increasing demand for credible sustainability disclosures as a means of managing sustainability risks, identifying opportunities, and unlocking capital flows.
Notably, Nigeria has been chosen as the exclusive African country to unveil the IFRS 1 and IFRS 2 Standards, joining other cities worldwide, including Santiago, New York, London, and Frankfurt, in simultaneous launches.
These Standards serve as a global foundation for sustainability disclosures, catering to the information needs of investors and enabling companies to provide comprehensive sustainability information to global capital markets.
By facilitating international comparability and ensuring compatibility with jurisdiction-specific and stakeholder-focused disclosures, these Standards offer a cost-effective and market-informed framework to help companies report the necessary information required to meet investors’ needs across various markets.
It is worth mentioning that NGX RegCo, during a recent virtual workshop on IFRS Sustainability Disclosure Standards, disclosed the adoption readiness strategy aimed at supporting accountants and auditors in sustainability and climate reporting.
Spearheaded by FRC and supported by ISSB, this strategy involves a dedicated group of experts tasked with advising and assisting the FRC in devising a roadmap for the successful implementation of these standards in Nigeria.
