207:, minister of Industry, Trade and Investment, "More meaningful and decision enhancing information can now be arrived at from financial statements issued in Nigeria because accounting, actuarial, valuation and auditing standards, used in the preparation of these statements, shall be issued and regulated by this Financial Reporting Council. The FRC is a unified independent regulatory body for accounting, auditing, actuarial, valuation and corporate governance. As such, compliance monitoring in these areas will hence be addressed from the platform of professionalism and legislation".
200:, spoke at a fundraising dinner organized by the NASB for the IFRS academy. Sanusi said that the move to adopt the IFRS would help attract foreign direct investments to Nigeria. At the same event, the NASB Chairman, Michael Adebisi Popoola, called for the abrogation of regulations and laws that are incompatible with IFRS.
151:(ICAN). NASB became a government agency in 1992, reporting to the Federal Minister of Commerce. The Nigerian Accounting Standards Board Act of 2003 provided the legal framework under which NASB set accounting standards. Membership includes representatives of government and other interest groups. Both ICAN and the
178:
said that the NASB did not have adequate funding to achieve its statutory role. NASB urgently needed to hire new staff, retrain existing staff and offer more attractive pay. In June 2010 Mr. Godson Nnadi, Executive
Secretary of Nigeria Accounting Standards Board, spoke in favour of a new body to set
158:
The primary functions as defined in the act of 10 July 2003 were to develop, publish and update
Statements of Accounting Standards to be followed by companies when they prepare their financial statement, and to promote and enforce compliance with the standards. IASB had published many of the earlier
527:
192:, Chairman of the Senate committee on Finance. The Executive Secretary of NASB, Jim Osayande Obazee, had strongly supported this bill, which he said would align Nigeria with other countries and improve investor confidence. In June 2011, the Governor of the
179:
accounting and auditing standards for
Nigeria and other African nations. The new body would be independent of both ANAN and ICAN. As well as ensuring consistency between countries, costs to each country would be lower due to sharing of the effort.
187:
On 18 May 2011, the Senate passed the
Financial Reporting Council of Nigeria Bill, which repealed the Nigerian Accounting Standards Board Act and replaced it with a new set of rules. The decision was in line with a report submitted by Senator
681:
280:
713:
620:
265:
285:
152:
591:
275:
148:
255:
160:
411:
168:
755:
652:
290:
570:
164:
770:
750:
139:
was inaugurated by the
Minister of Industry, Trade and Investment, Adeniyi Adebayo, as the Executive Secretary/Chief Executive Officer of FRC.
765:
270:
235:
356:
250:
691:
717:
443:
383:
260:
230:
131:, formerly the Nigerian Accounting Standards Board (NASB), is an organization charged with setting accounting standards in
555:
305:
295:
240:
630:
775:
245:
225:
760:
745:
310:
175:
418:
331:
220:
193:
657:
300:
549:
596:
575:
197:
136:
504:
476:
532:
204:
450:
147:
NASB was established in 1982 as a private sector initiative closely associated with the
686:
203:
The
Financial Reporting Council Bill was signed into law on 20 July 2011. According to
739:
189:
499:
119:
357:"Trade Minister task FRC over enforcement of accounting standards in Nigeria"
266:
Nigerian
Association of Chambers of Commerce, Industry, Mines and Agriculture
167:, but was more involved in enforcement than in updating to the more modern
625:
132:
79:
384:"FG tasks FRC to develop sound accounting, financial report standards"
75:
500:"NASB Clamours for Independent Regulation of Financial Reporting"
592:"Accounting Board seeks passage of Financial Reporting Bill"
449:. The Convention on Business Integrity. Archived from
332:"Minister urges FRC to enforce accounting standards"
281:
115:
105:
95:
85:
71:
63:
55:
47:
39:
31:
23:
653:"NASB wants repeal of laws inconsistent with IFRS"
111:Federal Ministry of Industry, Trade and Investment
571:"Senate passes Financial Reporting Council Bill"
528:"Senate passes Financial Reporting Council Bill"
621:"IFRS Adoption to Boost FDI in Banks - CBN Gov"
155:(ANAN) each nominate two members to the board.
286:Association of National Accountants of Nigeria
153:Association of National Accountants of Nigeria
406:
404:
276:Institute of Chartered Accountants of Nigeria
149:Institute of Chartered Accountants of Nigeria
8:
161:International Accounting Standards Committee
129:Financial Reporting Council (FRC) of Nigeria
120:http://www.financialreportingcouncil.gov.ng/
18:
536:. Archived from the original on 22 May 2011
169:International Financial Reporting Standards
682:"Nigeria gets Financial Reporting Council"
291:Chartered Institute of Taxation of Nigeria
143:Nigerian Accounting Standards Board (NASB)
17:
165:International Accounting Standards Board
67:Set standards for accountancy in Nigeria
323:
547:
19:Financial Reporting Council of Nigeria
444:"NIGERIAN ACCOUNTING STANDARDS BOARD"
271:Nigeria Deposit Insurance Corporation
7:
296:Chartered Institute of Stock Brokers
251:Accountant-General of the Federation
417:. CIPFA. March 2011. Archived from
569:Augustine Ehikioya (19 May 2011).
412:"progress towards professionalism"
256:Securities and Exchange Commission
246:Auditor-General for the Federation
174:A 2010 report commissioned by the
35:Nigeria Accounting Standards Board
14:
756:Organizations established in 1982
261:Nigerian Accounting Association
771:1982 establishments in Nigeria
751:Professional accounting bodies
498:Peter Egwuatu (28 June 2010).
231:Federal Inland Revenue Service
1:
526:SAMUEL OGIDAN (19 May 2011).
306:National Insurance Commission
766:Organizations based in Lagos
619:Obinna Chima (2 June 2011).
590:Simeon Ebulu (16 May 2011).
388:Blueprint Newspapers Limited
236:Federal Ministry of Commerce
226:Corporate Affairs Commission
680:Ngozi Oboh (21 July 2011).
311:National Pension Commission
241:Federal Ministry of Finance
183:Financial Reporting Council
176:International Monetary Fund
135:. On Thursday, 6 May 2021,
792:
159:standards prepared by the
554:: CS1 maint: unfit URL (
382:Blueprint (6 May 2021).
221:Central Bank of Nigeria
194:Central Bank of Nigeria
716:. NASB. Archived from
658:Business Day (Nigeria)
301:Nigeria Stock Exchange
163:and its successor the
215:Membership includes:
720:on 28 September 2011
477:"Understanding IFRS"
424:on 28 September 2011
198:Sanusi Lamido Sanusi
776:Financial reporting
137:Shuaibu Adamu Ahmed
107:Parent organization
101:Shuaibu Adamu Ahmed
97:Executive Secretary
20:
761:Finance in Nigeria
746:Economy of Nigeria
505:Vanguard (Nigeria)
87:Official language
125:
124:
783:
730:
729:
727:
725:
710:
704:
703:
701:
699:
690:. Archived from
677:
671:
670:
668:
666:
649:
643:
642:
640:
638:
633:on 16 March 2012
629:. Archived from
616:
610:
609:
607:
605:
587:
581:
580:
566:
560:
559:
553:
545:
543:
541:
533:Nigerian Compass
523:
517:
516:
514:
512:
495:
489:
488:
486:
484:
475:Alistair Impey.
472:
466:
465:
463:
461:
455:
448:
440:
434:
433:
431:
429:
423:
416:
408:
399:
398:
396:
394:
379:
373:
372:
370:
368:
353:
347:
346:
344:
342:
328:
21:
791:
790:
786:
785:
784:
782:
781:
780:
736:
735:
734:
733:
723:
721:
714:"Member Bodies"
712:
711:
707:
697:
695:
694:on 29 July 2011
679:
678:
674:
664:
662:
651:
650:
646:
636:
634:
618:
617:
613:
603:
601:
589:
588:
584:
568:
567:
563:
546:
539:
537:
525:
524:
520:
510:
508:
497:
496:
492:
482:
480:
474:
473:
469:
459:
457:
456:on 21 July 2011
453:
446:
442:
441:
437:
427:
425:
421:
414:
410:
409:
402:
392:
390:
381:
380:
376:
366:
364:
355:
354:
350:
340:
338:
330:
329:
325:
320:
315:
213:
205:Olusegun Aganga
185:
145:
108:
98:
88:
51:Regulatory body
12:
11:
5:
789:
787:
779:
778:
773:
768:
763:
758:
753:
748:
738:
737:
732:
731:
705:
687:Next (Nigeria)
672:
644:
611:
582:
561:
518:
490:
467:
435:
400:
374:
361:Tribune Online
348:
322:
321:
319:
316:
314:
313:
308:
303:
298:
293:
288:
283:
278:
273:
268:
263:
258:
253:
248:
243:
238:
233:
228:
223:
217:
212:
209:
184:
181:
144:
141:
123:
122:
117:
113:
112:
109:
106:
103:
102:
99:
96:
93:
92:
89:
86:
83:
82:
73:
69:
68:
65:
61:
60:
57:
53:
52:
49:
45:
44:
41:
37:
36:
33:
29:
28:
25:
13:
10:
9:
6:
4:
3:
2:
788:
777:
774:
772:
769:
767:
764:
762:
759:
757:
754:
752:
749:
747:
744:
743:
741:
719:
715:
709:
706:
693:
689:
688:
683:
676:
673:
661:. 5 June 2011
660:
659:
654:
648:
645:
632:
628:
627:
622:
615:
612:
599:
598:
593:
586:
583:
578:
577:
572:
565:
562:
557:
551:
535:
534:
529:
522:
519:
507:
506:
501:
494:
491:
478:
471:
468:
452:
445:
439:
436:
420:
413:
407:
405:
401:
389:
385:
378:
375:
362:
358:
352:
349:
337:
333:
327:
324:
317:
312:
309:
307:
304:
302:
299:
297:
294:
292:
289:
287:
284:
282:
279:
277:
274:
272:
269:
267:
264:
262:
259:
257:
254:
252:
249:
247:
244:
242:
239:
237:
234:
232:
229:
227:
224:
222:
219:
218:
216:
210:
208:
206:
201:
199:
195:
191:
190:Ahmed Makarfi
182:
180:
177:
172:
170:
166:
162:
156:
154:
150:
142:
140:
138:
134:
130:
121:
118:
114:
110:
104:
100:
94:
90:
84:
81:
77:
74:
70:
66:
62:
58:
54:
50:
46:
42:
38:
34:
30:
26:
22:
16:
722:. Retrieved
718:the original
708:
696:. Retrieved
692:the original
685:
675:
663:. Retrieved
656:
647:
635:. Retrieved
631:the original
624:
614:
602:. Retrieved
595:
585:
574:
564:
550:cite journal
538:. Retrieved
531:
521:
509:. Retrieved
503:
493:
481:. Retrieved
470:
458:. Retrieved
451:the original
438:
426:. Retrieved
419:the original
391:. Retrieved
387:
377:
365:. Retrieved
363:. 6 May 2021
360:
351:
339:. Retrieved
335:
326:
214:
202:
186:
173:
157:
146:
128:
126:
72:Headquarters
56:Legal status
24:Abbreviation
15:
336:Daily Trust
32:Predecessor
740:Categories
597:The Nation
579:. Nigeria.
576:The Nation
318:References
211:Membership
600:. Nigeria
40:Formation
171:(IFRS).
698:26 July
626:ThisDay
393:22 June
367:22 June
341:22 June
133:Nigeria
116:Website
91:English
80:Nigeria
64:Purpose
724:5 June
665:5 June
637:5 June
604:5 June
540:5 June
511:30 May
483:5 June
460:5 June
428:5 June
59:Active
479:. PWC
454:(PDF)
447:(PDF)
422:(PDF)
415:(PDF)
76:Lagos
726:2011
700:2011
667:2011
639:2011
606:2011
556:link
542:2011
513:2011
485:2011
462:2011
430:2011
395:2021
369:2021
343:2021
127:The
48:Type
43:1982
27:FRC
742::
684:.
655:.
623:.
594:.
573:.
552:}}
548:{{
530:.
502:.
403:^
386:.
359:.
334:.
196:,
78:,
728:.
702:.
669:.
641:.
608:.
558:)
544:.
515:.
487:.
464:.
432:.
397:.
371:.
345:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.