FRC and ACCA Forge stronger ties to shape the Future of Financial Reporting

In a significant milestone for the financial reporting landscape, the Financial Reporting Council (FRC) of Nigeria welcomed the global CEO of the Association of Chartered Certified Accountants (ACCA), Helen Brand, and her team on Thursday, February 29, 2024, in Abuja. The visit not only reinforced the long-standing collaboration between the two esteemed organizations but also set the stage for renewed commitment and partnership to drive positive change within the profession.

Dr. Rabiu Olowo, the Executive Secretary/CEO of FRC, warmly received Brand and her team, underscoring ACCA’s pivotal role as the council’s longstanding strategic partner. Dr. Olowo highlighted ACCA’s unwavering support in areas such as technical assistance, exchange of ideas, and insights, emphasizing the Association’s credibility as a partner for discussions on critical issues surrounding financial reporting, corporate governance, and the emerging landscape of sustainability reporting.

During the visit, Dr. Olowo highlighted the FRC’s recent strides, including the establishment of two new directorates – the Directorate of Valuation Standards and the Directorate of Actuarial Standards – and the issuance of exposed drafts of new codes of corporate governance for public institutions and not-for-profit sectors, seeking stakeholders’ inputs. These developments formed the focal point of discussions, aimed at strengthening the technical base and outcomes in these crucial areas through collaboration with ACCA.

Brand, in her address, reiterated ACCA’s commitment to long-term collaboration with FRC, emphasizing the evolving nature of the accounting profession in response to global circumstances, particularly the imperative of sustainability reporting and practice. She underscored ACCA’s leadership in capacity-building partnerships following the release of the first two sustainability standards by the International Sustainability Standards Board, expressing the Association’s dedication to promoting the adoption of these standards and driving sustainable business practices.

The visit culminated in the signing of a Memorandum of Understanding between FRC and ACCA, solidifying their shared commitment to working together to shape the future of financial reporting. This momentous occasion not only reaffirms the organizations’ dedication to fostering positive change but also lays the foundation for collaborative endeavors that will drive sustainable practices and elevate the standards of financial reporting in Nigeria and beyond.

The visit and the subsequent signing of the Memorandum of Understanding mark a pivotal moment in the journey of FRC and ACCA, setting the stage for a future characterized by strengthened collaboration, shared expertise, and a collective commitment to driving positive change within the accounting profession.