What is the idea of Financial Reporting Council of Nigeria?
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What is the idea of Financial Reporting Council of Nigeria?
The objective of the FRCN is to protect the investor and stakeholder interest, give guidance on issues relating to financial reporting and corporate governance, ensure good corporate governance practices, ensure accuracy and reliability of financial reports and harmonise activities of relevant professional and …
What are the basic objective of the Financial Reporting Council Act of Nigeria no 6 of 2011?
(a) protect investors and other stakeholders’ interest; (b) give guidance on issues relating to financial reporting and corporate governance to bodies listed in sections 2 (2) (b) of this Bill; (c) ensure good corporate governance practices in the public and private sectors of the Nigerian economy; (d) ensure accuracy …
What is the relevance of Financial Reporting Council in Nigeria?
The FRC is responsible for, among other things, developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria; and for related matters.
Who are the members of Financial Reporting Council of Nigeria?
Membership includes:
- Central Bank of Nigeria.
- Corporate Affairs Commission.
- Federal Inland Revenue Service.
- Federal Ministry of Commerce.
- Federal Ministry of Finance.
- Auditor-General for the Federation.
- Accountant-General of the Federation.
- Securities and Exchange Commission.
What is the role of Financial Reporting Council?
The Financial Reporting Council (FRC) promotes transparency and integrity in business. It regulates auditors, accountants and actuaries, and sets the UK’s Corporate Governance and Stewardship Codes.
When was FRC established?
The FRC was established by the Radio Act of 1927, which replaced the Radio Act of 1912 after the earlier law was found to lack sufficient oversight provisions, especially for regulating broadcasting stations.
What are the functions of FRCN?
The functions of the FRCN are specified in section 8 of the Act and its functions include development of accounting and financial reporting standards, enforcement of accounting standards, advising the federal government on accounting and financial reporting standards, maintaining a register of professional accountants …
Who does the FRC apply to?
We regulate auditors, accountants and actuaries, and we set the UK’s Corporate Governance and Stewardship Codes. We promote transparency and integrity in business. Our work is aimed at investors and others who rely on company reports, audit and high-quality risk management.
Who regulates the FRC?
The FRC Board is responsible for the overall governance and strategy of the FRC and ultimately approves all codes and standards issued by the FRC. All Board members are appointed by the Secretary of State for Business, Energy and Industrial Strategy (BEIS).
Who owns the FRC?
The FRC is a company limited by guarantee, and is funded by the audit profession, who are required to contribute under the provisions of the Companies Act 2006 and by other groups subject to, or benefitting from FRC regulation.
Who funds the FRC?
The FRC is funded by the audit profession, who are required to contribute under the provisions of the Companies Act 2006 and, with the agreement with HM Government, by other groups subject to, having regard to, or benefiting from FRC regulation.
What is the difference between the FCA and the FRC?
The FCA obtains information and intelligence from its supervisory activities which may be relevant to the work of the FRC. The FRC obtains information and intelligence from performing its functions which may be relevant to the work of the FCA.
Who is the head of Financial Reporting Council?
Shuaibu Adamu Ahmed
President Muhammadu Buhari has appointed Shuaibu Adamu Ahmed as the new Executive Secretary of the Financial Reporting Council (FRC). Ahmed replaces Daniel Asapokhai whose tenure ended since January 9. Asapokhai served a term of four years in office (January 9, 2017 to November 2020).
What are the functions of FRC?
FRC’s role The FRC monitors the development of international accounting and auditing standards, works to promote the development of a single set of accounting and auditing standards for worldwide use and promotes their adoption.
