Economy
MR Michel Puchercos, Chief Executive Officer of Dangote Cement, said the company had adopted the eXtensible Business Reporting Language (XBRL) format.
Puchercos said, in a statement signed by him on Thursday in Lagos, that with the format, the company would be using the International Financial Reporting Standard (IFRS) taxonomy to present its financial information to investors.
The News Agency of Nigeria (NAN) reports that XBRL is a global framework of accounting standards used for exchanging business information, which enables companies standardize the preparation, publishing and exchange of financial information in a machine-readable format.
It is mainly used by publicly listed companies, required to use it by law, in the USA, Europe and South Africa.
Puchercos said the data contained in the company’s third-quarter 2020, full-year 2020 and first quarter 2021 financial statements were now available on XBRL format.
“We believe that adopting XBRL reporting will strongly benefit Dangote Cement’s existing and potential investors.
“It represents another step in Dangote Cement’s continuing efforts to modernise and enhance transparency of, and access to, companies’ disclosures,” he said.
According to Puchercos, the adoption of XBRL will enable the company’s publicly available financial information to be captured accurately and promptly, for uniformity of our results on all the platforms.
He added that this would ensure that investors and analysts who used these platforms had the correct information.
“Although XBRL reporting is not mandatory for companies listed on the Nigerian Exchange, it is becoming a universal format to exchange financial data and promotes the coordination of international reporting requirements.
“The implementation of XBRL demonstrates Dangote Cement’s strong dedication to reaching international reporting and corporate governance standards,” he added. (NAN)
– July 15, 2021 @ 17:51 GMT
Tags: Dangote Cement adopts XBRL reporting format – CEO
