Ministry of Trade and Investment Press Release April 4th, 2017
Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah today, inaugurated the Board of the Financial Reporting Council of Nigeria (FRC) in Abuja
1. The Board is made up of 23 members including the Chairman and CEO. There are three statutory committees of the Board and the number of meetings of Board of parastatals is restricted to a maximum of 4 times a year
2. Enelamah said: “Today’s event is significant, given the critical role of the FRC in ensuring that economic agents in Nigeria produce and publish high quality financial information that underpin the efficient working of our capital markets and indeed the overall economy.
3. “The inauguration today of a new FRC Board will help restore full board oversight to the Council and thereby enable the organization to carry out its mandates more effectively.”
4. Recall that on January 9, 2017, President Muhammadu Buhari, GCFR, appointed Mr. Adedotun Sulaiman, MFR and Mr. Daniel Asapokhai as the Chairman and Executive Secretary/CEO of the Council respectively. Both are expected to work with the reconstituted Board to chart a new direction for FRC towards effective and efficient delivery of the Council’s mandates
5. FRC is a Federal Government agency established by the Financial Reporting Council of Nigeria Act, No. 6, 2011. It is one of the agencies under the supervision of the Federal Ministry of Industry, Trade and Investment.
6. FRC is responsible for, among other things, developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria; and for related matters. The main functions of the Council amongst others are: To develop and publish accounting and financial reporting standards to be observed in the preparation of financial statements of public interest entities; Review, promote and enforce compliance with the accounting and financial reporting standards adopted by the council; Advice the federal government on matters relating to accounting and financial reporting standards; Monitor and promote education, research and training field of accounting, auditing, financial reporting and corporate governance; Registration of professionals
7. The Objectives of the FRC are: To protect investors and other stakeholders interest; Give guidance on issues relating to financial reporting and corporate governance to professional, institutional and regulatory bodies in Nigeria; Ensure good corporate governance practices in the public and private sectors of the Nigerian economy; Ensure accuracy and reliability of financial reports and corporate disclosures, pursuant to the various laws and regulations currently in existence in Nigeria; Harmonise activities of relevant professional and regulatory bodies as relating to corporate governance and financial reporting; Promote the highest standards among auditors and other professionals engaged in the financial reporting process; Enhance the credibility of financial reporting; and improve the quality of accountancy and audit services, actuarial, valuation and corporate governance standards.