NIGERIAN FINANCIAL REPORTING COUNCIL

The Financial Reporting Council (FRC) of Nigeria, formerly the Nigerian Accounting Standards Board (NASB), is an organization charged with setting accounting standards in Nigeria. On Thursday, 6 May 2021, Shuaibu Adamu Ahmed was inaugurated by the Minister of Industry, Trade and Investment, Adeniyi Adebayo, as the Executive Secretary/Chief Executive Officer of FRC. Financial Reporting Council On 18 May 2011, the Senate passed the Financial Reporting Council of Nigeria Bill, which repealed the Nigerian Accounting Standards Board Act and replaced it with a new set of rules.[8] The decision was in line with a report submitted by Senator Ahmed Makarfi, Chairman of the Senate committee on Finance.[9] 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.[10] In June 2011, the Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, 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.[11] At the same event, the NASB Chairman, Michael Adebisi Popoola, called for the abrogation of regulations and laws that are incompatible with IFRS.[12] The Financial Reporting Council Bill was signed into law on 20 July 2011. According to Olusegun Aganga, 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[13] 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" Membership 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 • Nigerian Accounting Association • Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture • Nigeria Deposit Insurance Corporation • Institute of Chartered Accountants of Nigeria • Nigerian Institution of Estate Surveyors and Valuers • Association of National Accountants of Nigeria • Chartered Institute of Taxation of Nigeria • Chartered Institute of Stock Brokers • Nigeria Stock Exchange • National Insurance Commission • National Pension Commission