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Tag: FRC

FRC seeks improved adoption of IFRS, corporate governance

FRC seeks improved adoption of IFRS, corporate governance

Finance
The Financial Reporting Council of Nigeria (FRC) has called for improved adoption of the International Financial Reporting Standards (IFRS) and National Code of Corporate Governance (NCCG 2018), which were issued in 2019, for financial institutions in the country. IFRS, apart from aligning Nigeria’s financial sector with world best practices on corporate governance, would also be a game changer in financial reporting and corporate governance practices in the country. Specifically, Deputy Director/Head Directorate of Accounting Standards Public Sector, FRC, Dr. Iheanyi Anyahara, said all amendments to existing standards alongside the new standards issued by the International Accounting Standards Board (IASB) must be implemented by all reporting entities in Nigeria. Speaking at ...
MDAs yet to remit over N1.7trn operating surplus, says Muruako

MDAs yet to remit over N1.7trn operating surplus, says Muruako

Business
The Fiscal Responsibility Commission (FRC), is worried about non-remittance of over N1.7 trillion operating surpluses into the Consolidated Revenue Fund (CRF) by some agencies in line with the Fiscal Responsibility Act (FRA) of 2007. Describing the development as unfortunate, the Commission noted that despite the increase from 31 captured corporations in 2007 to the current 123 in 2020, some of the agencies are still reluctant to remit their funds, but divert same to running costs in their various organisations. The Acting Chairman of FRC, Victor Muruako, disclosed this Monday, while declaring open the Commission’s three-day Management Retreat, in Abuja. The retreat, themed, “Promoting Prudence, Accountability and Economic Stability in a Post Covid-19 Economy,” was organised b...