The Financial Reporting Council of Nigeria (FRCN) is pleased to announce the signing into law of the Financial Reporting Council of Nigeria (Amendment) Act 2023 by the Immediate Past President, Muhammadu Buhari on May 3, 2023. This new legislation marks a significant milestone in the ongoing efforts to promote transparency, accountability, and good governance in Nigeria’s business sector.
The Financial Reporting Council of Nigeria (Amendment) Act 2023 introduces several key changes to regulations and standards governing financial reporting in Nigeria. These changes include:
- The strengthening of the Council’s enforcement powers to ensure compliance with reporting requirements
- Clarification of the ambiguity regarding the definition of Public Interest Entities
- Maintaining a national repository for Financial Statements by public interest entities
- Streamlining the membership of the Governing Board and strengthening the Council to discharge effective regulatory responsibilities on financial reporting and corporate governance in Nigeria.
These changes are expected to have a significant positive impact on businesses and the economy, by improving the quality and reliability of financial reporting, enhancing investor confidence, and promoting sustainable development.
Please click here to download the FRC Amendment Act, 2023.