Meaning and Functions Of Financial Reporting Council of Nigeria


Meaning and Functions Of Financial Reporting Council of Nigeria

The financial reporting council of Nigeria (FRCN) formally the Nigeria Accounting Standard Board (NASB) is an organization charged with the responsibilities of setting accounting standards in Nigeria. The financial reporting council bill was signed into law on 20th July, 2011. The FRCN is a unified independent regulatory body for accounting, auditing, actuarial, valuation and corporate governance. As such, compliance monitoring in these areas will be addressed from the platform of professionalism and legislation.

MEMBERS OF THE FINANCIAL REPORTING COUNCIL OF NIGERIA
The following are the members of The Financial Reporting Council of Nigeria
  • Corporate Affairs Commission
  • Federal Inland Revenue Service
  • Federal Ministry of Commerce
  • Federal Ministry of Finance
  • Auditor-General of the Federation
  • Accountant-Generation of the Federation
  • Securities and Exchange Commission
  • Nigerian Accounting Association
  • Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture
  • Nigeria Deposit Insurance Corporation
  • Institutes of Chartered Accountants of Nigeria
  • Nigeria Institute of Estate Surveyors and Valuers
  • Association of National Accountants of Nigeria
  • Chartered Institute of Taxation of Nigeria
FUNCTIONS OF THE FINANCIAL REPORTING COUNCIL OF NIGERIA
Some of the functions of The Financial Reporting Council of Nigeria include:
  • To develop and publish accounting and financial reporting standards to be observed and followed during the preparation of financial statements of public interest entities
  • They frequently review, promote and enforce compliance with the accounting and financial reporting standards adopted by the body
  •  Receive copies of annual reports and financial statements of public interest entities from those who prepared it within 60 days of the approval of the board
  •  Receive notice of non-compliance with approved standards from preparers, users and other third parties or auditors of financial statements
  • Advise the Federal Government of Nigeria on matters relating to Accounting and financial reporting standards
  • Have a register of all professional accountants and other professionals engaged in the financial reporting process in Nigeria.
  • They monitor the rate of compliance with the reporting requirements specified in the adopted code of corporate governance by the body.
  • Promote compliance with the adopted standards issued by the International federation of Accountants and International Accounting Standard board.
  • The Financial Reporting Council of Nigeria monitor and promote education, research and training of members in the fields of Accounting, auditing, financial reporting and corporate governance.

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