Nigeria’s Stride in Global Sustainability: The Launch of IFRS S1 and S2

Discover how Nigeria is leading the way in sustainability reporting as the only African country selected to launch the IFRS S1 and S2.

With a comprehensive adoption readiness strategy in place, accountants and auditors are empowered to provide decision-useful sustainability and climate information.

Join the virtual workshop organized by NGX Regulation Limited, ISSB, and FRC Nigeria to learn more about these global standards and their impact on capital markets.

Nigeria: A Forerunner in African Sustainability Reporting

A remarkable leap forward has been made in the world of finance and sustainability as Nigeria stands tall as the solitary African country chosen to launch the IFRS S1 and IFRS S2.

But why is this important, and how does it affect you and the global stage? Let’s take a dive into the world of sustainability reporting and discover what this means.

A Novel Initiative: The IFRS S1 and S2

At a glance, the IFRS (International Financial Reporting Standards) S1 and S2 may appear to be simply a set of acronyms. But don’t be deceived, they represent far more than just letters and numbers.

These are pivotal financial tools set to reshape how companies report their sustainability efforts and climate impacts.

IFRS Standards: A Common Language for Sustainability

Now you may be thinking, what does the IFRS S1 and S2 mean, and why should it matter? Used in over 140 countries worldwide, these standards aim to provide complete, actionable sustainability and climate information.

It’s about developing a universal dialect for sustainability-related disclosures, a key step in the global effort to combat climate change.

The Masterminds: The Financial Reporting Council (FRC) N

The driving force behind this transformative initiative is the FRC of Nigeria, helmed by Executive Secretary, Ambassador Shuaibu Adamu.

With a keen vision of fostering awareness and capacity building, Adamu is a beacon leading Nigeria – and Africa as a whole – into a sustainable future.

The Power of Collaboration: NGX Regulation Limited, ISSB, and FRC

The successful launch of these standards is a testament to the power of collaboration.

The workshop, organized by NGX Regulation Limited, ISSB, and the FRC of Nigeria, served as a platform to educate companies and investors on these standards.

A Bold Step: NGX Regulation Limited’s Commitment to Transparency

NGX Regulation Limited, under the steadfast leadership of CEO Ms Tinuade Awe, is championing transparency and fairness.

Through workshops and initiatives, they strive to equip investors with the knowledge needed to make informed decisions based on these standards.

Adoption Readiness Strategy: A Strategic Roadmap

Awe reveals that a readiness strategy has been charted, aimed at enabling accountants and auditors to effectively report on sustainability and climatic changes.

A working group backed by the FRC and ISSB is set to guide the adoption of these standards in Nigeria.

A Global Approach: IFRS Standards Across 140 Countries

ISSB Board Member, Ndidi Nnoli-Edozien, emphasizes that these standards are recognized worldwide, adding that they aim to simplify the connection between global and local multi-stakeholder information needs.

Thus, they serve as a building block for meeting investors’ informational needs around the globe.

The Future is Now: Implementing IFRS Standards

The journey has only just begun. The first step is implementing the S2 standard, which is designed to be interoperable with jurisdictive requirements and adaptable to meet broader multi-stakeholder needs.

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Nigeria’s Leap into a Sustainable Future

In conclusion, the selection of Nigeria to launch the IFRS S1 and S2 represents a significant stride in sustainability and climate reporting. As the lone African country chosen for this task, Nigeria has proven itself as a forerunner in this critical aspect of global finance.

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