Financial Reporting Council of Nigeria {FRCN}: All You Need To Know

Posted on Author S. Olawale

Financial Reporting Council of Nigeria { FRCN }: All You Need To Know

Financial Reporting Council of Nigeria (FRCN) is a governmental body, charged with setting accounting standards in Nigeria. FRCN was formerly referred to as Nigerian Accounting Standards Board (NASB) before it was transformed to Financial Reporting Council in 2011. Members of this council includes; Central Bank of Nigeria (CBN), Corporate Affairs Commission (CAC), Federal Inland Revenue Service (FIRS), Federal Ministry of Commerce, Federal Ministry of Finance, Auditor-General for the Federation, Accountant-General of the Federation, Securities and Exchange Commission (SEC), {NDIC} Nigeria Deposit Insurance Corporation, Nigerian Accounting Association, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Institute of Chartered Accountants of Nigeria (ICAN), Nigerian Institution of Estate Surveyors and Valuers, Association of National Accountants of Nigeria and Chartered Institute of Taxation of Nigeria.

financial reporting council of nigeria acts

FINANCIAL REPORTING COUNCIL OF NIGERIA ACT

{ FRCN Act 2011 } Financial Reporting Council of NigNigeria Act 2011 was signed into law in July, 2011 established the Financial Reporting Council of Nigeria (the FRC). The Act brought an end to the Nigerian Accounting Standards Board (NASB) Act No. 22 of 2003 by introducing the FRCN. Generally, FRCN is mandated by the Act to ensure that financial statements of Public Interest Entities are prepared to reflect the facts only so as to protect the interest of investors and the general public.

The Act requires the Public Interest Entities to do the following :

  1.  All Public Interest Entities are to Submit copies of annual reports and accounts with the FRCN within sixty (60) days of the approval of its Board.
  2. All Public Interest Entities are required to pay annual levies to FRCN. 
  3. They should also ensure that the preparation of its financial statements or report is in compliance with accounting and financial reporting standards developed by FRCN. 
  4. Also, they should Submit within 30 days, the copies of any financial statements or reports filed with any government department or authority with the council.

FUNCTIONS AND DUTIES OF FINANCIAL REPORTING COUNCIL NIGERIA

Basically, the organisation is charged with setting standards for accountancy in Nigeria. This is to protect the interest of people/bodies interested in the activities of a particular agency or company.

The functions and duties of Financial Reporting Council of Nigeria includes:

  1. FRCN is to develop and publish accounting and financial reporting standards to be observed in the preparation of financial statements of public interest entities in Nigeria.
  2. Also it is to review as well as promote and enforce compliance with the accounting and financial reporting standards adopted by it. 
  3. FRCN is to enforce the compliance with the Act and all its rules on registered professionals and the affected public interest entities.

FRC REGISTRATION FOR INDIVIDUALS

  1. Logon to www.financialreportingcouncil.gov.ng and lookout for REGISTRATION at the heading part of the website and then click it.
  2. Click INDIVIDUAL PROFESSIONAL and proceed to registration. You would be required to fill the application form. To do this, you would require to upload scanned copies of your educational and professional certificates, a valid identify card, Passport photograph and signature. 
  3. After you had completed the form, you shall be prompted to print a copy of the completed form. Do this and a transaction code would be generated for you which would be required during payment. 
  4. Proceed to payment, this can be done online or at any of their recommended banks. It cost about N17,300. Make sure you pay within 48 hours else, your transaction code will expire and would cost you N2500 to revalidate. Do not try registering for a second time as this will attract a fine of N5000.  
  5. Proceed to any FRCN branch office with the relevant documents and the evidence of payment and ask for the REGISTRATION OF PROFESSIONALS UNIT to submit your documents. This can also be submitted at (FRC Liaison Room at the CAC office in Abuja, Benin, Enugu, Ibadan, Kaduna, Kano, Lagos and Port Harcourt. 
  6. You shall be contacted as soon as the registration is completed.

REGISTRATION FOR BODIES { COMPANY / ENTERPRISE }

  1. Logon to their website and lookout for REGISTRATION then click and select COMPANY/ENTERPRISE from the drop down menu.
  2. You would be required to fill the application form, do that correctly. You should then save and print out the form and the number displayed. 
  3. The amount varies depending on some factors. So visit any of their office close to you to know how much to pay. Check out their office locations here www financialreportingcouncil gov.ng/about-us/branches/ and make payment there.
  4. Take along with you, your Financial Statements for the 2 previous years, the completed documents, other required documents.

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Tags: Financial reporting council of Nigeria act , financial reporting council of Nigeria registration registration for individual , duties and functions , federal ministry of industry, trade and investment

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