Nigeria’s integrated reporting committee debuts to boost investments
The move will allow companies to maintain the highest standard in financial and sustainability reporting as well as enhance decision-making by investors and business executives.
The NIRCO, which was championed by the Institute of Chartered Accountants of Nigeria (ICAN), will serve as an influential committee that promotes and supports the adoption of integrated reporting in Nigeria and the West Africa sub-region.
Speaking during the inauguration of the committee, the President of the ICAN, Nnamdi Okwuadigbo, said with this development, Nigeria has joined other visionary countries that can see and improve the future of corporate reporting, thereby promoting global best practices in business.
He observed that NIRCO membership is multi-sectoral, and comprises representatives from the Financial Reporting Council (FRCN), Securities and Exchange Commission (SEC), The Nigerian Stock Exchange (NSE), Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), National Pension Commission (PenCom), National Insurance Commission (NAICOM), Corporate Affairs Commission (CAC), and a host of others.
Okwuadigbo explained that integrated reporting has been recognised by the International Federation of Accountants (IFA), the World Bank, the International Monetary Fund (IMF), and other multilateral agencies as the future of corporate reporting.
A representative of the World Bank, Patrick Kabuya, said: “Integrated reporting will be a paradigm shift of thinking by boards and management on their business models, strategy and operations to mindfully incorporate the three dimensions of sustainable development: people, planet and profit, considering all capitals in long-term value creation.”
According to the Deputy Director, Strategy & Research, FRCN, Dr. Iheanyi Anyahara, the Council supports the initiative because it will result in better and more comprehensive corporate reports with improved accountability and sustainability in governance.
For the Assistant Director, Final Accounts, CAC, Mrs. Tola Akinto, the move will give a better picture of the values generated for the society, and goes beyond just financial returns, as all disclosures necessary would have been made in financial reporting.