Financial Reporting Council of Nigeria Act

An Act establishes the Financial Reporting Council of Nigeria (FRC) to regulate financial reporting, auditing, and corporate governance. The council oversees the adoption of International Financial Reporting Standards for public interest entities. This ensures high-quality financial disclosures and protects investors across the Nigerian economy.

What Is This Policy?

Establishes the Financial Reporting Council of Nigeria (FRC) to regulate and oversee financial reporting, auditing, corporate governance, and actuarial standards for public interest entities in Nigeria.

Who Does It Target?

Public companies and listed entities Auditors and accounting professionals Financial institutions and insurance companies Pension fund administrators

What Does It Aim to Achieve?

Ensure high-quality financial reporting aligned with IFRS Regulate the accountancy and auditing profession Enforce corporate governance codes Protect investors and the public interest in financial disclosures

Key Features

IFRS Adoption: FRC oversees the adoption and application of International Financial Reporting Standards in Nigeria. Corporate Governance Code: Issues and enforces the Nigerian Code of Corporate Governance (NCCG). Professional Oversight: Regulates accountants, auditors, and actuaries in public interest entities.

Current Status

The Financial Reporting Council of Nigeria Act is in force, as it establishes the FRC and references the Act of 2011.

Legal Framework

Companies and Allied Matters Act; Banks and Other Financial Institutions Act (BOFIA); Investment and Securities Act; Insurance Act; Pensions Reform Act 2014; Constitution of the Federal Republic of Nigeria 1999; International Financial Reporting Standards (IFRS)