CEO, FRC, Mr. Jim Obazee
Federal Government agencies are now required to insist on the production of evidence of registration with the Financial Reporting Council of Nigeria (FRC) from professionals who intend to do business with them, in line with the provisions of the FRC Act.
A statement at the weekend, quoted the Chief Executive of the FRC, Mr. Jim Obazee, to have said this during the visit by a team from the Fiscal Responsibility Commission to the FRC in Lagos.
According to Obazee, the FRC Act requires that a professional will not be allowed to hold any appointment or offer any services for remuneration for public interest entities unless he is registered by the FRC.
He also added that the Council had established regional offices in Abuja, Enugu and Port Harcourt to fast track the registration of professionals.
He also disclosed that the FRC IFRS Academy, expected to be located in Abuja, would help to bridge the knowledge gaps that exist between the practice of financial reporting in the country and the demands of International Financial Reporting Standards (IFRS).
Obazee further pointed out that the Council will bear the financial burden of universities and other higher institutions lecturers that intend to attend the Academy. This, the FRC boss said, would help deepen the teaching of IFRS in the country.
He also charged the team from the Commission to embark on sensitisation and re-orientation on the requirements of IFRS and International Public Sector Accounting Standards (IPSAS) mandated to prepare their account using cash basis by 2013 and accrual methods in 2015.
According to Obazee, this became necessary as government and its agencies were increasingly engaging in activities in the capital market.