Formerly called the Nigerian Accounting Standards Board (NASB), the Financial Reporting Council of Nigeria (FRCN) is aregulatory body which oversees accounting standards in Nigeria. It is in charge of setting those standards.
The Council was established in 1982. It currently maintains its headquarters in Lagos State, Nigeria.
Financial reporting council of nigeria rules
Bill for the Financial Reporting Council of Nigeria (FRCN) was passed by the Senate on the 18th of May, 2011. This was when the Nigerian Accounting Standards Board Act was repealed and replaced with new rules. This decision was made in accordance to the report produced by the Chairman of Senator committee on finance, Senator Ahmed Makarfi.
By June 2011, Sanusi Lamido Sanusi, the former Governor of the Central Bank of Nigeria was a speaker at the fundraising dinner for the IFRS academy(organized by the Nigerian Accounting Standards Board). According to Sanusi, adopting the IFRS would attract more direct foreign investments into the the country.
On the 20th ofJuly 2011, the FRCN Bill was signed into law.
With this bill comes more functions for the regulatory body.
It decides and uses information from the financial statements issued in the country. Auditing, valuation, actuarial, and accounting standards for preparing the statements are regulated and issued by the Financial Reporting Council of Nigeria.
The body monitors and addresses issues relating to the financial sector from a platform of legislation and professionalism.
Financial reporting council of nigeriaPDF
Would you like to download the new report from the Financial Reporting Council of Nigeria in PDFformat? Here is the download linkFRCN Report.
Financial reporting council of nigeria registration
To register for the Financial Reporting Council of Nigeria is quit simple. You can do that online.
First, visit the official website of the Council at www.financialreportingcouncil.gov.ng. For easy access, please make sure you are using either of these internet browser: Google Chrome, Edge, Explorer, or Mozilla Firefox.
When you get to the official website of the Financial Reporting Council of Nigeria, click on ‘Registration’ . Next, tap the ‘Individual Professional’ (No matter the field of study, all Professionals must register – this is in line with the Section 41 of the Financial Reporting Council Act of Nigeria, 2011).
Next is the completion of your application form. Please ensure that you have copies of professional and educational certificates, scanned signature, and a passport photographhandy as you would need to upload them.
The final stage after you have completed filling the form and uploading the stated documents is to make payment. This could be done online or at any commercial bank close to you. Pay via your Remita Retrieval (RRR) Number.
For more details, visit FRCN Online Registration.
Financial reporting council of nigeria certificate
If you wound like to get the Financial Reporting Council of Nigeria certificate, kindly download it HERE.
Financial reporting council of nigeria code of corporate governance
On 15th of January 2019, the Financial Reporting Council of Nigeria came out with the Nigerian Code of Corporate Governance, also known as the Code. This Code features some important principles that can institutionalize best practice of corporate governance among companies in Nigeria.
According to the regulatory body, the practice of quality corporate governance is important to sustain an enterprise.
Filling a good corporate governance would guide a company to establish a system that promotes and increases its value(s). This also builds the long term prosperity and reputation of companies.
The codealsoconsidered the importance of building the awarenesson companies who arenot using any corporate governance codes and the need to begin embracing them.
You can download the full code of conductHERE.
Powers of financial reporting council of nigeria
The Financial Reporting Council of Nigeria, FRCN, is responsible for developing standards relating to FinancialReport and Accounting. It enforces accounting standards in Nigeria. The Council also advises the Federal Government of Nigeria on issues relating to Accounting and Financial Report standards. It is also responsible for the maintenance of a register for Professional Accountants.
Functions of financial reporting council of nigeria
As recorded in the FRCN Act of July 2003, the primary function of this regulatory body is to create, publish, renew the Statements of Accounting Standards that must be followed by companies regarding the preparation of their Financial Statements. It also promotes and enforces the compliance of the standards it sets.
Financial reporting council of nigeria contact address
The Financial Reporting Council of Nigeria currently has several offices in Nigeria.
Its corporate office is located Lagos State.
Address 4th & 5th Floor, Alexander House, Plot 8, Otunba Jobi Fele Way, Alausa Central Business District, Ikeja, Lagos State, Nigeria.
For registration enquiries, call (234) 0908-899-9819.
Official website:
www.financialreportingcouncil.gov.ng.
Author
Daniel is a Digital Marketer and a Copywriter.
He is a member of the Association of Business Executives (UK).
On most days, he enjoys writing, soccer, and spending time with Nature.