Financial Reporting Council Bill underway

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Financial Reporting Council Bill underway to transform Financial Reporting Structures.

A Bill to establish Financial Reporting Council (FRC) is now underway. Executive Secretary/Chief Executive Officer (CEO) of the Nigerian Accounting Standards Board (NASB) confirmed this in Lagos Nigeria at a workshop on Accounting by Banks and Non-Banking Financial Institutions.
 
He affirmed that the passage of the FRC Act and assent by the President is expected to critically transform the financial reporting structures in Nigeria.

“The Bill is aimed at bringing under one umbrella all institutions with oversight responsibilities for financial reporting”

The NASB CEO further affirmed that the Councils responsibilities will cover Private and Public Sector Standard-Setting, monitoring and compliance enforcement, as well as general issues of Corporate Governance.