Dangote Cement Plc has become the first Nigerian listed company to report its financial results using IFRS taxonomy.
It announced 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 machine-readable format. It is mainly used by publicly listed companies which are required to use it by law, such as companies listed in the United States of America, Europe and South Africa.
Data contained in the company’s third quarter 2020, Full Year 2020 and first quarter 2021 financial statements are now available in XBRL format.
The chief executive officer of Dangote Cement, Michel Puchercos, said: “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.”
According to him, the adoption of XBRL will enable our publicly available financial information to be captured accurately and promptly, thus bringing uniformity of our results on all the platforms and ensuring that investors and analysts who use these platforms have the correct information.
“The implementation of XBRL demonstrates Dangote Cement’s strong dedication to reaching international reporting and corporate governance standards.