The Association of Chartered Certified Accountants (ACCA) Nigeria, in collaboration with key stakeholders, hosted a groundbreaking seminar titled “IFRS in a Changing World.”
The event, held in Lagos, brought together leaders in finance, accounting, and business strategy to explore the evolving landscape of International Financial Reporting Standards (IFRS) and their implications in a rapidly changing global economy.
The seminar addressed critical themes such as the role of sustainability reporting, the impact of technological advancements, and the increasing need for transparent and accountable financial practices across different sectors. Attended by a distinguished audience of CFOs, financial regulators, and industry experts, the event spotlighted the importance of adapting IFRS to meet the demands of today’s dynamic business environment.
In his opening remarks, Tom Isibor, Head of ACCA Africa, emphasized the seminar’s relevance in the modern context: “In line with our brand theme for this quarter, ‘Rethinking our World,’ this conversation aims to empower organizations to build resilient business models capable of thriving amidst evolving economic and societal challenges.”
Delivering the keynote address, Ambassador Adamu Ahmed, Chief Executive Officer (CEO) of the Financial Reporting Council of Nigeria (FRC), stressed the transformative power of IFRS: “For the first time, most of the world speaks one financial language—IFRS. This shared framework enhances global business operations and ensures clarity in financial communication. However, with global complexities, including geopolitical tensions like the Russia-Ukraine conflict, IFRS must continue to adapt to new realities. The world is becoming more complex, fraught with increasing possibilities for conflict over national rivalries, economic competition, and cultural and ideological fault lines. ”
Insights from Industry Leaders
The seminar featured a panel of seasoned experts in financial technology and strategy, including Ms. Oluwafemi Elias, Head of Registration and Strategy lead at the FRC, who emphasized the need for inclusive financial reporting practices: “As business leaders, it is imperative to address emerging issues like technology integration, sustainability reporting, and regulatory reforms. This involves not only addressing challenges faced by large corporations but also equipping Small and Medium Enterprises (SMEs) with tools for accountability and transparency.”
Babajide Ibironke, CFO of Abuja Electricity Distribution Company (AEDC), provided a deep dive into financial instruments, describing them as pivotal contractual relationships: “Financial instruments dominate the balance sheets of financial institutions, forming the backbone of global banking operations. Over 70 per cent of the balance sheet of a bank is financial instruments. Understanding their intricacies is essential for effective financial management.”
Adding to the discourse, Dr. Deji Awobotu, CEO of ADRAC Professional Services, highlighted the dual perspectives of financial instruments from issuers and investors, while Dr. Oluseyi Olarenwaju, CFO of TSL, reinforced the need for continuous learning: “The evolution of accounting standards like IFRS 9 reflects the necessity of adapting to an ever-changing financial ecosystem. We must learn, unlearn, and relearn to stay relevant.”
Charting a Path Forward
The event concluded with closing remarks by Maggie McGhee, Executive Director of ACCA Strategy and Governance, who praised the collaboration and intellectual contributions of all participants. She acknowledged Ibukun Oyedeji, CFO of Ecobank Nigeria, who proficiently moderated the event and ensured insightful deliberations.
This seminar represents a key step in fostering collaboration between ACCA, the FRC, and other key stakeholders, aiming to create an adaptive, forward-thinking financial reporting framework. As emphasized by the speakers, the road ahead requires collective efforts to address emerging challenges and harness opportunities for growth, sustainability, and innovation.
