Financial Reporting Council of Nigeria
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
November 18, 2024
2-Day Workshop On Current Developments In Financial And Corporate Reporting For Lecturers In Nigerian Tertiary Institutions
The Financial Reporting Council of Nigeria (FRC) is pleased to announce a 2-day workshop tailored for lecturers in Nigerian tertiary institutions. This event is designed to enhance knowledge and awareness of the latest developments in financial and corporate reporting.
Participants will gain insights into emerging trends, regulatory updates, and best practices essential for advancing the teaching and understanding of financial reporting standards and corporate governance in academic institutions.
The workshop underscores FRC’s commitment to capacity building and fostering a culture of excellence in financial reporting and education. Join us as we bridge the gap between academia and industry standards to equip lecturers with tools to better prepare future professionals.
November 17, 2024
Launching Of FRC Biannual Newsletter 1st Edition
Welcome to the FRC Nigeria Newsletter, your trusted source for staying informed about the activities, initiatives, and updates from the Financial Reporting Council of Nigeria (FRC).
Our goal is to make this newsletter a valuable resource for stakeholders and the public, providing timely insights into the Council’s work in promoting high-quality financial reporting, corporate governance, and accountability across Nigeria.
Through this platform, we aim to foster transparency, collaboration, and awareness, ensuring that our stakeholders remain engaged and well-informed. Stay tuned for regular updates, news, and thought leadership from the FRC.
Thank you for being part of our journey toward financial excellence!
November 6, 2024
Dr. Rabiu Olowo Elected Chair of UNCTAD ISAR: A New Era of Global Financial Reporting Excellence
The Financial Reporting Council of Nigeria is pleased to announce that its Executive Secretary/CEO, Dr. Rabiu Olowo, has been elected as the Chair of the 41st session of United Nations Conference on Trade and Development (UNCTAD), Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR). This prestigious appointment is a testament to Dr. Olowo’s exceptional leadership and expertise in corporate reporting.
Speaking after his election, Dr. Olowo expressed his gratitude and commitment to leading the global collaboration of experts. “It is a great honour to be elected Chair of 41st session of UNCTAD ISAR,” he said. “I am committed to leading a global collaboration of experts focused on improving transparency and comparability in corporate reporting across the globe in order to unlock capital flows.”
As the Chair of UNCTAD ISAR, Dr. Olowo will play a crucial role in shaping the global financial reporting landscape. His vision for improved transparency and comparability in financial reporting aligns with the FRC’s mission to promote excellence in financial reporting and governance.
Under Dr. Olowo’s leadership, the FRC has undergone significant transformation, with initiatives such as the development of Small and Medium Enterprises, Corporate Governance Guidelines (SME CGG) and launching the roadmap for the adoption of sustainability reporting standards in Nigeria in collaboration with the ISSB Chairman.
Key Highlights of Dr. Olowo’s Election:
- Global Recognition: Dr. Olowo’s election as Chair of UNCTAD ISAR recognizes his expertise and leadership in corporate reporting.
- Improved Transparency: Dr. Olowo’s commitment to improving transparency and comparability in corporate reporting will unlock capital flows globally.
- FRC’s Transformation: Under Dr. Olowo’s leadership, the FRC has introduced initiatives to promote excellence in financial reporting and governance.
November 4, 2024
Call for Comments: Exposure Draft on Valuation Regulations for Financial Reporting, 2024
Pursuant to Section 29 (a-g); Section 73 and other relevant provisions of the FRC Act 2011 (as amended), FRC has developed a draft Valuation Regulations for Financial Reporting, 2024, that would provide a regulatory framework for valuers in Nigeria offering valuation services for the purpose of Financial Reporting, is now in the Exposure Draft (ED) phase of the FRC Statutory Regulatory document development stage.
The primary objectives are to provide a regulatory framework for valuers in Nigeria offering valuation services for the purpose of financial reporting in compliance with the provisions of the FRC Act 2011 (as amended) and regulate the activities of valuers with a view to sustaining best ethical practices capable of promoting quality valuation services for the purpose of financial reporting.
The FRC now seeks to engage stakeholders in the valuation industry as a further mandatory step to issuance of the Regulations. We hereby request all Professionals, Relevant Professional Bodies (RPBs), Valuation Firms, Organisations, Businesses, etc to provide documented comments and feedback on the Draft Valuation Regulation for Financial Reporting, 2024, to FRC on or before Tuesday, December 3, 2024, to dvs@frcnigeria.gov.ng.
Kindly download the Draft Valuation Regulations for Financial Reporting, 2024, using the link below: