August 8, 2022

The Executive Secretary/CEO, Financial Reporting Council (FRC) of Nigeria, Ambassador Shuaibu Adamu Ahmed addressing distinguished members of the Senate Committee on Trade & Investment during the Committee’s oversight visit to the Council recently.

L-R: Chairman, Senate Committee on Trade & Investment, Senator Francis Adenigba Fadahunsi and the Executive Secretary/CEO, Financial Reporting Council (FRC) of Nigeria, Ambassador Shuaibu Adamu Ahmed during the oversight visit by the Committee to the Council in Lagos recently

Read more ...
February 5, 2019

FILING REQUIREMENTS AND FINANCIAL OBLIGATIONS OF ENTITIES AND PROFESSIONALS UNDER THE FRC ACT

As part of the efforts to promote sound financial reporting and corporate governance in Nigeria, the Financial Reporting Council of Nigeria wishes to reiterate and draw the attention of all stakeholders, especially preparers and auditors of financial statements of Public Interest Entities (PIEs) in Nigeria, to the filing requirements and financial obligations of entities and professionals under the Financial Reporting Council of Nigeria Act No. 6, 2011 (hereinafter referred to as “the FRC Act”). In particular, Sections 8 (1) (d), 8 (1) (n), 33 (1a, b & c), 41 (2), 58 (3) and 77; as well as the Circular from the Secretary to Government of the Federation (SGF), Ref. No. SGF/OP/I/S.3/IX/547:

Read More

Read more ...
August 19, 2018

L-R: Chairman, Senate Committee on Trade & Investment, Senator Francis Adenigba Fadahunsi; Executive Secretary/CEO, Financial Reporting Council (FRC) of Nigeria, Ambassador Shuaibu Adamu Ahmed; Member, Senate Committee on Trade & Investment, Senator Tolu Adebiyi; and Director, Directorate of Accounting Standards (Public Sector), FRC, Dr. Iheanyi Anyahara during the Committee’s oversight visit to the FRC head office in Lagos recently.

Read more ...
August 1, 2018

The Executive Secretary/CEO, Financial Reporting Council (FRC) of Nigeria, Ambassador Shuaibu Adamu Ahmed addressing distinguished members of the Senate Committee on Trade & Investment during the Committee’s oversight visit to the Council recently.

L-R: Chairman, Senate Committee on Trade & Investment, Senator Francis Adenigba Fadahunsi and the Executive Secretary/CEO, Financial Reporting Council (FRC) of Nigeria, Ambassador Shuaibu Adamu Ahmed during the oversight visit by the Committee to the Council in Lagos recently

Read more ...
September 27, 2022

FRC Boss in Portugal for Public Sector Standards Setters Forum

R-L: The Executive Secretary/CEO of FRC, Ambassador Shuaibu Adamu Ahmed (2nd Row, 1st Right) and other delegates at the 2022 Public Sector Standard Setters Forum held in Cascais, Portugal.

The Executive Secretary/Chief Executive Officer of the Financial Reporting Council (FRC) of Nigeria, Ambassador Shuaibu Adamu Ahmed, together with other delegates drawn from jurisdictions from around the world, participated in a Public Sector Standards Setters Forum, themed: “IPSASB 2.0: Taking it to the Next Level”, jointly hosted by the International Public Sector Standards Board (IPSASB) and Ordem dos Contabilistas Certificados, in Cascais, Portugal.

Ahmed made a presentation on “IPSAS Implementation: The Nigerian Journey So Far” and took part in very engaging and informative discussions on sustainability reporting framework, differential reporting, presentation of financial statements and building IPSASB’s Future Program, over the course of two days, running from 19 September 2022 to 20 September 2022.

The FRC Chief Executive had earlier attended IPSASB Board meeting in Lisbon, Portugal which took place between 12 September 2022 and 16 September 2022.

The Chair of the IPSASB, Ian Carruthers, while thanking the delegates for the commitment they showed, said the Forum is a unique opportunity for public sector standard setters from around the world to come together and tackle critical issues.

Read more ...
September 27, 2022

Registration Process for Professional Firms

The Financial Reporting Council (FRC) of Nigeria hereby releases the registration process for Professional Firms sequel to the earlier announced commencement of the implementation of Audit Regulations 2020, which took effect from January 1, 2022.

See Process

 

Read more ...
September 22, 2022

FRC, NIESV Operationalises Valuation Standards Directorate

R-L: FRC Executive Secretary/CEO, Amb. Shuaibu Adamu Ahmed (R) receiving a souvenir from the President of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), ESV Johnbull Amayaevbo (L), during NIESV’s courtesy visit to FRC in Lagos recently.

The President of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), ESV Johnbull Amayaevbo, in company of Council members of the Institution, paid a courtesy visit to the Financial Reporting Council (FRC) of Nigeria Head Office in Lagos recently.

In his address, the President said, “We are here today to assure you of our support towards the attainment of the mission and vision of the Council. We also seek to identify ourselves with the lofty ideas of your administration towards integrating the financial and valuation standards among professionals and other targets of the Council services.

“We are of the opinion that the functionality of the Directorate will speedily address the issue of none or partial compliance with the Valuation Standards by Financial Reporting Entities,” he noted.

FRC’s Executive Secretary, Amb. Shuaibu Adamu Ahmed, in his welcome remarks, said, “We are just at the verge of working towards achieving one of the Key Performance Indicators we set for ourselves for 2022 which is the establishment of Valuation Standards Directorate.

“We decided at the beginning of this year we will try to establish one of the two missing directorates this year and then try to set up the other one next year. We chose to set up the Valuation Standards Directorate this year,” he added.

The FRC boss thanked the Institution for its voluntary offer of assistance towards the establishment of the Directorate.

He called on NIESV to partner with FRC on trainings and capacity development programmes in Valuation Standards before the year comes to an end.

Read more ...
September 13, 2022

FRC Commences Registration of Audit Firms, Others

The Financial Reporting Council (FRC) of Nigeria will commence the registration of all Statutory Audit Firms and Other Assurance Services Providers in Nigeria from 15 September 2022 in keeping with the Provisions of the FRC Act, 2011, and Audit Regulations 2020.

In a Press Release issued in Lagos on Monday 12 September 2022, the Council categorised the affected entities into four (4) broad groups: Big Firms (having 10 or more partners); Medium Firms (having 4 to 9 partners); Small Firms (having 1 to 3 partners); and Other Assurance Services Providers.

 

See Press Release for FULL STORY

Read more ...