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The Financial Reporting Council Of Nigeria In 2022

A federal government agency established by the Financial Reporting Council of Nigeria Act, No. 6, 2011 is the Financial Reporting Council of Nigeria (FRC). The Federal Ministry of Industry, Trade and Investment is in charge of it.

The FRC is in charge of formulating and publishing accounting and financial reporting rules that must be followed when preparing financial statements for public entities in Nigeria, as well as other connected topics.

According To The FRC Act, The Council's Principal Goals Are To—

  • Protect the interests of investors and other stakeholders;
  • Give professional, institutional, and regulatory organizations in Nigeria advice on financial reporting and corporate governance concerns;
  • Guarantee that the Nigerian economy's governmental and private sectors have effective corporate governance practices;
  • Ensure that financial reports and corporate disclosures are accurate and reliable, in accordance with Nigeria's current laws and regulations;
  • Coordinate the operations of key professional and regulatory organisations in the areas of financial reporting and corporate governance;
  • Promote the highest standards in the financial reporting process among auditors and other experts;
  • Improve the financial reporting's credibility; and;
  • Improving accounting and auditing services, actuarial, valuation, and corporate governance standards, among other things.

There Are Various Advantages To Using High-quality Financial Reporting

  • By enhancing the country's financial reporting infrastructure and minimizing the danger of financial market crises and their negative economic consequences, we can help the private sector flourish and the economy become less volatile.
  • A rise in direct and portfolio investments from both domestic and international sources as investors are better equipped to assess corporate prospects and make informed judgments, resulting in lower-cost capital;
  • Promoting the growth of small-scale businesses by allowing them to get loans more easily if they comply with transparent reporting; Enabling global financial and capital market convergence;
  • A more fiscally disciplined government and a better return on investment; and the creation of new job opportunities.

Operations

The operating arms of the FRC are:

  • Directorate of Accounting Standards – Private Sector
  • Directorate of Accounting Standards – Public Sector
  • Directorate of Auditing Practice Standards
  • Directorate of Actuarial Standards
  • Directorate of Valuation Standards
  • Directorate of Inspection and Monitoring
  • Directorate of Corporate Governance

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