The Nation (Nigeria)
Dangote Cement adopts high-ranking reporting format
DANGOTE Cement has become the first Nigerian listed company to report its financial results using International Finanacial Reporting Standards (IFRS) taxonomy.
Dangote Cement stated that its financial information has been made available to investors in extensible Business Reporting Language (XBRL) format using the IFRS taxonomy.
XBRL enables companies standardise the preparation, publishing, and exchange of financial information in a machinereadable format. It is mainly used by publicly listed companies which are required to use it by law, such as companies listed in the USA, Europe, and South Africa.
Data contained in Dangote Cement’s third quarter of last year, full year 2020 and first quarter 2021 financial statements are now available in XBRL format.
Chief Executive Officer, Dangote Cement, Michel Puchercos, said the adoption of XBRL reporting would 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,” Puchercos said.
According to him, the adoption of XBRL would enable publicly available financial information to be captured accurately and promptly, thus bringing uniformity of results on all the platforms and ensuring that investors and analysts who use these platforms have the correct information.
He noted that 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.