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Tag: IFRS

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 ...