FINANCIAL REPORTING COUNCIL OF NIGERIA

The Financial Reporting Council of Nigeria (FRCN), formerly the Nigerian Accounting Standards Board (NASB), is an organization charged with setting accounting standards in Nigeria.

The Functions Of The Financial Reporting Council Of Nigeria?

These functions of the Financial Reporting Council of Nigeria are going to be discussed in this article. Below are the functions of the Financial Reporting Council of Nigeria:

1. Develops Accounting And Financial Reporting Standards

One major function of the Financial Reporting Council of Nigeria has been to make sure that, it develops accounting and financial reporting standards.

2. Reviews And Promotes And Enforces Standards Of Accounting

Yet, another function of the Financial Reporting Council of Nigeria is to make sure that, it reviews the standards of accounting, and also, that of the financial reports and this is done to every organization within the country.

3. Receives Notes from Third Party About Non-Compliance

This is another function of the Financial Reporting Council of Nigeria, and this has to do with treating non-compliance to its standards.

4. Receives Copies Of Annual Financial Reports

Financial reports annually are sent to the Financial Reporting Council of Nigeria. This is part of its functions. The Financial Reporting Council of Nigeria will have to make sure that, it receives copies of annual financial reports that come in from public entities.

5. Provides Advice To The Federal Government About Accounting And Financial Reports

As a regulatory organization, the Financial Reporting Council of Nigeria also serves as an advisory body, when it comes to issues relating to financial and accounting reports and statements.