The Financial Reporting Council of Nigeria (FRC), yesterday, said the International Accounting Standard (IAS) 29, which borders on reporting in hyperinflationary economies, does not apply to Nigeria and should not be used in preparing the 2024 financial statements.

The Financial Reporting Council of Nigeria (FRC) says Nigeria is not yet an hyperinflation economy and citizens have confidence in its local currency. The council said this on Wednesday in statement signed by the Executive Secretary/Chief Executive Officer, Dr Rabiu Olowo. The council noted that the International Accounting Standard (IAS) 29 which borders on Financial…

The United Nations Conference on Trade and Development (UNCTAD) in partnership with the International Standards of Accounting and Reporting (ISAR) and Financial Reporting Council (FRC) has equipped small and medium-sized enterprises

The Financial Reporting Council of Nigeria (FRC) is seeking an increase in transparency, integrity and standardisation in valuation practice as part of the desire to improve financial reporting. The Executive Secretary and Chief Executive Officer of the Council, Dr Rabiu Olowo, hinted at the aspiration Olowo at the Stakeholders’ Engagement on the Proposed Valuation for…

Fiscal Responsibility Commission (FRC), yesterday, warned that a persistent lack of accountability was stifling efforts to democratise fiscal

The Fiscal Responsibility Commission (FRC), on Thursday, raised concerns on how lack of accountability has stifled efforts to democratise fiscal processes in Nigeria. FRC also advocated for a common code of prudence, transparency, and accountability to address these challenges effectively. The Executive Chairman of FRC, Victor Muruako, disclosed this in Abuja during a two-day sensitization…

If a Bill being considered by the House of Representatives scales legislative hurdles, the Fiscal Responsibility Commission (FRC) would be empowered to drag officials of Government-Owned Enterprises (GOEs) to court over their refusal to remit revenues to the government purse. The House has consolidated Bills seeking to repeal the Fiscal Responsibility Act of 2007 and…

As part of efforts to align Nigeria’s governance structures with global best practices, the Financial Reporting Council of Nigeria (FRC) has expressed preparedness for the final release of the code of governance for the public sector.

The Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, has expressed disgust over the non-implementation of the fiscal responsibility laws by the governments of the South East.

The Federal Government has directed the Fiscal Responsibility Commission (FRC) to increase its technical support to local councils, aiming to enhance fiscal transparency, accountability and effective resource management.

The Federal Government, on Thursday, directed the Fiscal Responsibility Commission (FRC) to increase its technical support to local government councils, aiming to enhance fiscal transparency, accountability, and effective resource management. It also said that it is part of efforts to strengthen fiscal discipline and ensure good governance at the local level. The Secretary to the…

The House of Representatives has promised to partner with the Financial Reporting Council of Nigeria (FRC) to strengthen financial reporting and governance in the country.