Financial Reporting Council of Nigeria
Directorates
Directorate of Accounting Standards - Private Sector
The Directorate of Accounting Standards ― Private Sector shall for the Council:
(a) develop accounting and financial reporting standards to be observed in the preparation of financial statements in the private sector and small and medium scale enterprises;
(b) promote the general acceptance and adoption of such standards by preparers and users of financial statements;
(c) promote compliance with the accounting standards developed or reviewed by the Directorate;
(d) review from time to time the accounting standards developed in line with the prevalent social, economic and political environment;
(e) promote compliance with the accounting and financial reporting standards adopted by the Council;
(f) promote, in the public interest, accounting and financial reporting standards to be observed in the preparation of financial statements of public interest entities; and
g) perform such other duties which in the opinion of the Board are necessary or expedient to ensure the efficient performance of the functions of the Council.
(a) develop accounting and financial reporting standards to be observed in the preparation of financial statements in the private sector and small and medium scale enterprises;
(b) promote the general acceptance and adoption of such standards by preparers and users of financial statements;
(c) promote compliance with the accounting standards developed or reviewed by the Directorate;
(d) review from time to time the accounting standards developed in line with the prevalent social, economic and political environment;
(e) promote compliance with the accounting and financial reporting standards adopted by the Council;
(f) promote, in the public interest, accounting and financial reporting standards to be observed in the preparation of financial statements of public interest entities; and
g) perform such other duties which in the opinion of the Board are necessary or expedient to ensure the efficient performance of the functions of the Council.
Directorate of Accounting Standards - Public Sector
The Directorate of Accounting Standards ― Private Sector shall for the Council:
(a) develop accounting and financial reporting standards to be observed in the preparation of financial statements in the private sector and small and medium scale enterprises;
(b) promote the general acceptance and adoption of such standards by preparers and users of financial statements;
(c) promote compliance with the accounting standards developed or reviewed by the Directorate;
(d) review from time to time the accounting standards developed in line with the prevalent social, economic and political environment;
(e) promote compliance with the accounting and financial reporting standards adopted by the Council;
(f) promote, in the public interest, accounting and financial reporting standards to be observed in the preparation of financial statements of public interest entities; and
g) perform such other duties which in the opinion of the Board are necessary or expedient to ensure the efficient performance of the functions of the Council.
(a) develop accounting and financial reporting standards to be observed in the preparation of financial statements in the private sector and small and medium scale enterprises;
(b) promote the general acceptance and adoption of such standards by preparers and users of financial statements;
(c) promote compliance with the accounting standards developed or reviewed by the Directorate;
(d) review from time to time the accounting standards developed in line with the prevalent social, economic and political environment;
(e) promote compliance with the accounting and financial reporting standards adopted by the Council;
(f) promote, in the public interest, accounting and financial reporting standards to be observed in the preparation of financial statements of public interest entities; and
g) perform such other duties which in the opinion of the Board are necessary or expedient to ensure the efficient performance of the functions of the Council.
Directorate of Auditing Practices Standards
The Directorate of Auditing Practices Standards shall, for the Council:
(a) develop or liaise with relevant professional bodies on auditing and ethical standards set by it.
(b) promote auditing standards which set out the basic principles and essential procedures with which external Auditors in Nigeria are required to comply;
(c) issue guidance on the application of auditing standards in particular circumstances and industries and timely guidance on new and emerging issues;
(d) establish standards and related guidance for Accountants providing assurance services;
(e) encourage establishment of ethical standards in relation to the independence, objectivity and integrity of external auditors and those providing assurance services;
(f) play appropriate role in the development of regulations and accounting standards which affect the conduct of auditing and assurance services, both domestically and internationally;
(g) collaborate with relevant professional bodies to advance public understanding of the roles and responsibilities of external auditors and the providers of assurance services including the sponsorship of research; and
(h) perform such other duties which in the opinion of the Board are necessary or expedient to ensure the efficient performance of external Auditors.
(a) develop or liaise with relevant professional bodies on auditing and ethical standards set by it.
(b) promote auditing standards which set out the basic principles and essential procedures with which external Auditors in Nigeria are required to comply;
(c) issue guidance on the application of auditing standards in particular circumstances and industries and timely guidance on new and emerging issues;
(d) establish standards and related guidance for Accountants providing assurance services;
(e) encourage establishment of ethical standards in relation to the independence, objectivity and integrity of external auditors and those providing assurance services;
(f) play appropriate role in the development of regulations and accounting standards which affect the conduct of auditing and assurance services, both domestically and internationally;
(g) collaborate with relevant professional bodies to advance public understanding of the roles and responsibilities of external auditors and the providers of assurance services including the sponsorship of research; and
(h) perform such other duties which in the opinion of the Board are necessary or expedient to ensure the efficient performance of external Auditors.
Directorate of Actuarial Standards
The Directorate of Actuarial Standard shall, for the Council:
(a) develop an appropriate conceptual framework to guide the setting of relevant actuarial standards, including the explicit objectives and characteristics of such standards;
(b) create a process for the development and adoption of standards which ensures that the objectives of the conceptual framework can be applied in practice;
(c) develop relevant actuarial standards, or amend existing ones, in response to evolving commercial practices, economic development and deficiencies identified in current practice;
(d) take account, where appropriate, of the regulatory requirements of the legislation or any other relevant regulatory body and liaise with the actuarial profession regarding areas of practice for which new standards may be required or existing standard should be modified or clarified;
(e) consider the need for a generic standard for the communication of actuarial advice;
(f ) liaise with the International Actuarial Association and other international bodies on the development and application of international actuarial standards; and
(g) perform such other duties which in the opinion of the Board are necessary or expedient to ensure the efficient performance of the functions of the Council.
(a) develop an appropriate conceptual framework to guide the setting of relevant actuarial standards, including the explicit objectives and characteristics of such standards;
(b) create a process for the development and adoption of standards which ensures that the objectives of the conceptual framework can be applied in practice;
(c) develop relevant actuarial standards, or amend existing ones, in response to evolving commercial practices, economic development and deficiencies identified in current practice;
(d) take account, where appropriate, of the regulatory requirements of the legislation or any other relevant regulatory body and liaise with the actuarial profession regarding areas of practice for which new standards may be required or existing standard should be modified or clarified;
(e) consider the need for a generic standard for the communication of actuarial advice;
(f ) liaise with the International Actuarial Association and other international bodies on the development and application of international actuarial standards; and
(g) perform such other duties which in the opinion of the Board are necessary or expedient to ensure the efficient performance of the functions of the Council.
Directorate of Valuation Standards
The Directorate of Valuation Standards shall, for the Council:
(a) develop an appropriate conceptual framework to guide the setting of relevant valuation standards, including the explicit objectives and characteristics of such standards;
(b) create a process for the development and adoption of standards which ensures that the objectives of the conceptual framework can be applied in practice;
(c) develop relevant valuation standards, or amend existing ones, in response to evolving commercial practices, economic developments and deficiencies identified in current practice;
(d) take account, where appropriate, of the regulatory requirements of the legislation and any other relevant regulatory body. Liaise with the valuation profession regarding areas of practice for which new standards may be required or existing standards should be modified or clarified;
(e) consider the need for a generic standard for the communication of valuation advice;
(f) liaise with the International Valuation Standards Board and other international bodies on the development and application of international valuation standards; and
(g) perform such other duties which in the opinion of the Board are necessary or expedient to ensure the efficient performance of the functions of the Council.
(a) develop an appropriate conceptual framework to guide the setting of relevant valuation standards, including the explicit objectives and characteristics of such standards;
(b) create a process for the development and adoption of standards which ensures that the objectives of the conceptual framework can be applied in practice;
(c) develop relevant valuation standards, or amend existing ones, in response to evolving commercial practices, economic developments and deficiencies identified in current practice;
(d) take account, where appropriate, of the regulatory requirements of the legislation and any other relevant regulatory body. Liaise with the valuation profession regarding areas of practice for which new standards may be required or existing standards should be modified or clarified;
(e) consider the need for a generic standard for the communication of valuation advice;
(f) liaise with the International Valuation Standards Board and other international bodies on the development and application of international valuation standards; and
(g) perform such other duties which in the opinion of the Board are necessary or expedient to ensure the efficient performance of the functions of the Council.
Directorate of Inspection and Monitoring
Directorate of Inspection and Monitoring shall, for the Council:
(a) monitor compliance with auditing, accounting, actuarial and valuation standards and guidelines reviewed and adopted by the Council;
(b) recommend through the Technical and Oversight Committee, sanctions as may be necessary for the Council’s approval; and
(c) implement sanctions and fines as approved by the Council in sub-section (1) (b) of this section.
(a) monitor compliance with auditing, accounting, actuarial and valuation standards and guidelines reviewed and adopted by the Council;
(b) recommend through the Technical and Oversight Committee, sanctions as may be necessary for the Council’s approval; and
(c) implement sanctions and fines as approved by the Council in sub-section (1) (b) of this section.
Directorate of Corporate Governance
The objectives of the Directorate of Corporate Governance are ―
(a) to develop principles and practices of corporate governance;
(b) to promote the highest standards of corporate governance;
(c) to promote public awareness about corporate governance principles and practices;
(d) to, on behalf of Council, act as the national coordinating body responsible for all matters pertaining to corporate governance;
(e) to promote sound financial reporting and accountability based on true and fair financial statements duly audited by competent independent Auditors;
(f) to encourage sound systems of internal control to safeguard stakeholders’ investment and assets of public interest entities; and
(g) to ensure that audit Committees of public interest entities keep under review the scope of the audit and its cost effectiveness, the independence and objectivity of the Auditors.
(a) to develop principles and practices of corporate governance;
(b) to promote the highest standards of corporate governance;
(c) to promote public awareness about corporate governance principles and practices;
(d) to, on behalf of Council, act as the national coordinating body responsible for all matters pertaining to corporate governance;
(e) to promote sound financial reporting and accountability based on true and fair financial statements duly audited by competent independent Auditors;
(f) to encourage sound systems of internal control to safeguard stakeholders’ investment and assets of public interest entities; and
(g) to ensure that audit Committees of public interest entities keep under review the scope of the audit and its cost effectiveness, the independence and objectivity of the Auditors.