The Nigerian Integrated Reporting Committee has called for better company accounts for foreign and Nigerian investors.
Chairman of NIRC, Innocent Okwuosa, made the call during the committee’s recent programme organised to respond to International Integrated Reporting Council.
According to Okwuosa, a better company accounts report addresses financial, social and environmental performance which speaks directly to company’s sustainability and should be embraced by listed companies in Nigeria.
He disclosed that integrated reporting was made mandatory by the Johannesburg Stock Exchange, adding that every company listed on the JSE was expected to produce an annual report in form of integrated report.
He said this singular action of the JSE placed South Africa among countries with the best corporate annual reports and therefore called on the Securities and Exchange Commission and the Nigerian Stock Exchange to follow the footsteps of the JSE.
When questioned on the sufficiency of the International Financial Reporting Standards adopted by Nigeria to attract foreign investors, Okwuosa noted that the adoption of IFRS was in the right direction, saying more needed to be done.
