The
Financial Reporting Council (FRC), formerly the Nigerian Accounting
Standards Board (NASB), was established in 1982 as a private sector
initiative closely associated with the Institute of Chartered
Accountants of Nigeria (ICAN).
However, NASB became a government agency in 1992, reporting to the Federal Minister of Commerce. The Nigerian Accounting Standards Board Act of 2003 thus provided the legal framework under which NASB set accounting standards. Membership includes representatives of government and other interest groups. Both ICAN and the Association of National Accountants of Nigeria (ANAN) nominate two members to the board.
The primary functions as defined in the act of July 10, 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 standards prepared by the International Accounting Standards Committee and its successor the International Accounting Standards Board, but was more involved in enforcement than in updating to the more modern International Financial Reporting Standards (IFRS).
However, NASB became a government agency in 1992, reporting to the Federal Minister of Commerce. The Nigerian Accounting Standards Board Act of 2003 thus provided the legal framework under which NASB set accounting standards. Membership includes representatives of government and other interest groups. Both ICAN and the Association of National Accountants of Nigeria (ANAN) nominate two members to the board.
The primary functions as defined in the act of July 10, 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 standards prepared by the International Accounting Standards Committee and its successor the International Accounting Standards Board, but was more involved in enforcement than in updating to the more modern International Financial Reporting Standards (IFRS).
The Financial Reporting Council Bill was thus signed into law on July 20, 2011.
Some corporate members of the FRCN include: Central Bank of Nigeria,
Corporate Affairs Commission, Federal Inland Revenue Service, Federal
Ministry of Trades and Investment, Federal Ministry of Finance,
Auditor-General for the Federation, Accountant-General of the
Federation, Securities and Exchange Commission, Nigerian Accounting
Association and National Insurance Commission.
Others are the 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, Corporate Affairs Commission, National Pension Commission, Chartered Institute of Stockbrokers, Nigerian Stock Exchange.
The NATION
Others are the 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, Corporate Affairs Commission, National Pension Commission, Chartered Institute of Stockbrokers, Nigerian Stock Exchange.
The NATION
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