Ican 2025 Corporate Reporting Question 4

Mr. Okon, your immediate boss and the Chief Accountant of Young Stars group of companies, participated in an MCPD organised by ICAN in collaboration with the Financial Reporting Council of Nigeria (FRCN). Much emphasis was on improving the quality of information in annual report at the programme. One of the presentations that was of utmost interest to Mr. Okon has to do with the criticisms of traditional reporting model; being insufficient to address diverse requirements of users. The presenter was also of the opinion that annual reports and relevant disclosure notes prepared in accordance with IFRS do not satisfy the information needs of some users. Likewise, the Conceptual Framework for Financial Reporting does not really address most of the issues. Based on the discussion at the seminar, Mr. Okon suggested that your company should give due consideration to the production of annual sustainability reports which considers both financial and non-financial information. This is necessary, in the light of the pressure to demonstrate how your company contributes to sustainable development in relation to its impact on society and the environment.