The Financial Reporting Council of Nigeria (FRC) has promised to sustain its partnership with the International Accounting Standards Board (IASB) in order to ensure high standards of financial reporting in Nigeria.
Speaking during a stakeholders’ interactive forum with the IASB, Deputy Director/Head Directorate of Accounting Standards Public Sector at FRC, Dr. Iheanyi Anyahara, said the training enabled financial institutions in obtaining first-hand information on International Financial Reporting Standards (IFRS) implementation challenges from the users.
He pointed out that the FRC is a regulatory agency of the federal government that promotes trade and investment in Nigeria by ensuring high standards of financial reporting and corporate governance; maintains independent public oversight of accounting, auditing, financial reporting and corporate governance of public interest entities by setting, monitoring and enforcement of compliance with related standards “The Council has been very resolute and committed in driving its vision of being the conscience of regulatory assurance in financial reporting and corporate governance in Nigeria. The Council issued the National Code of Corporate Governance (NCCG 2018) in the early part of 2019.
“The document apart from aligning with world best practices on corporate governance has also been commended as a game changer in corporate governance. In the same vein, the Council has further simplified its registration processes which implies that you can get your registration numbers within 48 hours after completing your registration.
“More so, the Council ensures that all stakeholders are involved in the standard setting processes of international accounting and auditing bodies through the various technical committees amongst other initiatives,” Anyahara added.
He disclosed that the council recently begun assessment of IPSAS application and implementation of appropriate financial reporting framework in the public sector entities of Nigeria, which is another critical area of concern.
“Let me also inform you that the Council is at the final stage of issuing its long awaited Audit regulation which is expected to provide increased transparency for investors and other stakeholders, as well as enhance economic growth amongst other benefits,” he told his audience.
Precisely, he said the training was to deepen knowledge on the application and implementation of IFRS 9, 16 & 17 in Financial Institutions in Nigeria.
On 28 May 2020, the IASB issued amendment to IFRS 16, Covid-19 – Related Rent Concessions which is effective for annual periods beginning on or after 1 June 2020.
“The Council is however getting its constituent ready for IFRS 17, Insurance Contracts which will be effective for annual periods beginning on or after January 1, 2023 after the standard was amended on 25 June 2020 to defer its effective date.
“The Council is aware that implementing IFRS 17 commands a radical departure from current accounting standards and produces complex operational challenges. That is why we are organising this programme and many more in collaboration with IASB to guide the users of the standards both in application and implementation.
“The Council will be organising more events in financial reporting, auditing and corporate governance in order to sensitize the general public and lessen the knowledge gap in IFRS standards in Nigeria in collaboration with relevant agencies and organisations,” he said.