October 18, 2024
September 2, 2024
August 2, 2024
Guidance on Management Report on Internal Control Over Financial Reporting View Document Here
March 11, 2024
Our New Abuja Office Address:
Nigerian Investment Promotion Commission (NIPC) Building
3rd Floor, Block B
Plot 1181, Aguiyi Ironsi Street, Maitama District
Abuja, Nigeria
February 13, 2025
FRC’s Commitment to Economic Transformation: Dr. Rabiu Olowo Signs 2025 Performance Bonds
On Tuesday, February 11, 2025, the Federal Ministry of Industry, Trade and Investment (FMITI) successfully concluded a two-day high-level retreat in Abuja, led by the Honourable Minister, Dr. Jumoke Oduwole. Under the theme “Accelerating Diversification to Rebuild Prosperity by Leveraging Industry, Trade, and Investment,” the retreat gathered CEOs of agencies and Directors of the FMITI, and key stakeholders to outline actionable steps toward economic transformation.
A significant highlight of the retreat was the signing of performance bonds between the Honourable Minister and the Chief Executives of agencies under the FMITI. This act reaffirmed their collective commitment to driving industrial growth, facilitating trade, and achieving economic transformation.
Dr. Rabiu Olowo, Executive Secretary/CEO of the Financial Reporting Council (FRC) of Nigeria, participated in this pivotal event by signing the FRC’s 2025 performance bonds with the Honourable Minister. This signing solidifies the FRC’s crucial role in promoting trade and investment in Nigeria by ensuring high standards of financial reporting and corporate governance. Through these efforts, the FRC aims to protect the interests of investors and other stakeholders, contributing to a robust and transparent economic landscape.
February 5, 2025
January 27, 2025
Webinar on Understanding of ED 92-Tangible Natural Resources and IPSASB SRS-ED1- Climate-Related Disclusures.
January 22, 2025
FRC’s Position on IAS 29- Financial Reporting in Hyperinflationary Economies
The Financial Reporting Council of Nigeria (“FRC” or “the Council”) is a Federal Government regulatory agency established by the Financial Reporting Council of Nigeria Act 2011 (as amended) that is charged with, amongst other things, issuing and enforcing financial reporting (accounting, auditing, valuation, actuarial) and corporate governance standards and guidelines across the public and private sectors in Nigeria.
The FRC has extensively engaged various stakeholders such as the Professional Accounting Bodies in Nigeria, external auditors, government regulatory agencies, and significant public interest entities, where an objective evaluation of the five indicators of the economic environment of a country as stipulated in IAS 29: Financial Reporting in Hyperinflationary Economies were undertaken especially to determine the relevance and applicability of the standard in Nigeria in light of the inflationary trend in the country.