The Financial Reporting Council (FRC) said it has concluded plans to invite the United Nations to examine the level of financial reporting in the country by next year.
Executive Secretary/Chief Executive Officer, FRC, Mr. Jim Osayande Obazee, who stated this, listed some of the financial reporting tools to be used by the UN to include Xstensible, Business Reporting Language (XBRL), Accountancy Taxonomy, Corporate Governance, amongst others.
He further listed the nine countries where the kits had been applied to include Brazil, Russia, Croatia, Netherland, South Africa, Mexico, Vietnam and Cote d’Ivoire .
“Countries are now thinking outside the box about issues such as target global market size and share, service delivery and the implication of technology. The United Nations has used the tool kit in nine countries. The FRC shall be inviting the UN to use it in Nigeria in the first quarter of 2013,” he explained.
The FRC boss disclosed plans to issue a generic regulation on internal controls and information systems control. This, according to him, would be required for the effective management and assessment of internal control, including information system control.
“As a result, the FRC now requires entities to provide real time disclosures of material changes in financial conditions and operations. This the FRC shall be calling for in early 2013,” he added.