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Industry-Specific Workshop on the Implementation of International Sustainability Standards Board (ISSB) IFRS S1 & S2 for Insurance Companies and Other Financial Institutions
The Financial Reporting Council of Nigeria (FRCN) is set to organize a 2-day workshop on the implementation of ISSB’s IFRS S1 & S2 for insurance companies and other financial institutions. The workshop is scheduled to hold on the 12th and 13th of March 2025 at the Abuja Continental Hotel, Zone 4 Abuja.
On the 26th of June 2023, the Financial Reporting Council of Nigeria (FRCN), International Sustainability Standards Board (ISSB) and Nigeria Exchange Group Regulation Limited (NGX Reg Co) launched the ISSB Sustainability Disclosure Standards IFRS S1 & S2. The IFRS S1 & S2 were launched to provide guidelines on how a company prepares and reports its sustainability-related financial disclosures and climate-related disclosures. Additional purposes are: To align ESG disclosures with financial reporting standards, To establish a global baseline of investor-focused sustainability-related disclosures, and To help businesses manage risks and identify opportunities.
Benefits of IFRS S1 and S2
The primary benefit of the IFRS S1 and S2 is to help businesses position themselves as leaders in responsible corporate governance and environmental stewardship. These standards will support companies in demonstrating their commitment to sustainability while enhancing transparency and accountability in their reporting practices.
The implementation of IFRS S1 and S2 represents a significant step towards enhancing sustainability and climate-related financial reporting. The upcoming workshop organized by the Financial Reporting Council of Nigeria is a timely opportunity for insurance companies and other financial institutions to gain valuable insights into the application of these standards
Important Notice: The information contained in this Article is intended for general information purposes only and does not create a lawyer-client relationship. It is not intended as legal advice from Jackson, Etti, & Edu (JEE) or the individual author(s), nor intended as a substitute for legal advice on any specific subject matter. Detailed legal counsel should be sought prior to undertaking any legal matter. The information contained in this Article is current to the last update and may change. Last Update: October 1, 2024.
