ACCA welcomes the opportunity to provide views in response to the ARWG’s call for comments on the Roadmap Report for Adoption of IFRS Sustainability Disclosure Standards in Nigeria. We commend the Federal Reporting Council of Nigeria (FRCN) for being a first mover in committing to adopting the standards and leading the implementation efforts of the ARWG, wherein ACCA is represented.
This consultation response further highlights ACCA’s commitment to support the FRCN in implementing sustainability standards in Nigeria, as part of the objectives outlined in the recently signed Memorandum of Understanding (MoU) by ACCA’s Chief Executive, Helen Brand OBE and the FRCN’s Executive Secretary, Mr. Rabiu Olowo on February 29th, 2024.
ACCA has consistently advocated for a global approach to the development of sustainability disclosure standards, and we fully support the role of the International Sustainability Standards Board (ISSB) in setting a consistent and comparable global baseline to sustainability reporting around the world.
At the same time, in developing reporting standards, it is important to ensure that the reporting catalyses the necessary systemic or operational changes, and that investors use these disclosures to allocate capital more efficiently and responsibly. For this to happen, we believe the widespread application of integrated thinking is necessary.
We therefore encourage jurisdictions to build on the adoption of the ISSB standards, where jurisdiction-specific reporting frameworks or guidelines are developed in meeting region-specific needs of regulators, investors, and other key-stakeholders, in a way that supports compatibility and interoperability.
To read the response in full, please download the consultation response document on this page.