FRC to Launch IFRS 1, IFRS 2 in Lagos June 26

By Aduragbemi Omiyale

The first two IFRS Sustainability Disclosure Standards (IFRS S1 and IFRS S2 Standards) of the International Sustainability Standards Board (ISSB) will be launched on Monday, June 26, 2023.

The exercise would be performed at the Nigerian Exchange (NGX) Group complex in Lagos by the Financial Reporting Council (FRC) of Nigeria in collaboration with the NGX Regulation (NGX RegCo) Limited.

The event would be used to provide full information, support investor decision-making and facilitate international comparability to attract capital.

The Standards will be launched on the same day in other cities worldwide, including Santiago, New York, London, and Frankfurt. For now, Nigeria is the only African country that has been selected to launch the IFRS S1 and IFRS S2.

The Standards provide a global baseline of sustainability disclosures that meet the information needs of investors to enable companies to provide comprehensive sustainability information to global capital markets and facilitate interoperability with disclosures that are jurisdiction-specific and/or aimed at broader stakeholder groups.

They are designed to provide fulsome information in an appropriate way to support investor decision-making and facilitate international comparability to attract capital. They are cost-effective, decision-useful, and market-informed disclosure standards developed to help companies report what is required to meet investors’ needs across markets globally.

It will be recalled that NGX RegCo had revealed an adoption readiness strategy mapped out to help accountants and auditors in sustainability and climatic reporting.

Speaking at the recent 3-day virtual workshop on IFRS Sustainability Disclosure Standards for companies as well as investors in the capital market, the Chief Executive Officer, NGX RegCo, Ms Tinuade Awe, said the adoption readiness working group is a creation of the FRC supported by the ISSB where a group of people are being put together to advise or help the FRC on a roadmap for getting to the adoption of these standards to work in Nigeria.