The starting point for restoring sanity in sustainability reporting can be traced to events at the global level, which saw the merger between IIRC and US SASB to form the Value Reporting Foundation (VRF) in 2020. VRF was subsequently absorbed by ISSB along with CDSB, after COP 26 in Glasgow. This was in response to IFAC’s calling on the IFRS Foundation to come and restore sanity in the sustainability reporting landscape, in which accountants are expected to play a leading role.
At present, sustainability reporting in Nigeria is a voluntary initiative by companies engaging in such practice. Although, the premium board listed companies are required by the Stock Exchange to engage in sustainability reporting, yet it is not a mandatory requirement. The motivation for engaging in such reporting has been traced to philanthropy, Corporate Social Responsibility (CSR), and giving back to the society. It is seeking for a good image and reputation. This is why such reporting has…