Notice To All (PIEs) On National Repository of Financial Statement

In accordance with Section 8(1d) of the Financial Reporting Council of Nigeria Act 2011 (as amended), hereinafter referred to as the FRC Act, states that “the Council shall receive copies of annual reports and financial statements of Public Interest Entities (PIEs) from preparers within 60 days of the approval of the Board of the Public Interest Entities.” Additionally, where PIEs submit any financial statements and reports to government departments or authorities, Section 58(3) outlines the Council’s requirements in such cases.

The Financial Reporting Council of Nigeria, herein after referred to as the “FRC or Council”, has identified a significant challenge within our national financial ecosystem, whereby entities currently submit financial statements and data in disjointed and varying formats across multiple channels, leading to:

1. Multiple submissions of financial statements by the same entity for the same reporting period.
2. Issues with data integrity, standardization, and inconsistencies due to fragmented data
3. A lack of a centralized submission avenue, which limits effective analytics and oversight capabilities.
4. A cumbersome and time-consuming submission process that affects the Council’s regulatory efficiency and Compliance enforcement.