FG tasks Financial Reporting Council on accounting standards

FG tasks Financial Reporting Council on accounting standards

 

The Federal Government has urged the new  Executive Secretary of the Financial Reporting Council of Nigeria (FRCN), Alhaji Adamu Ahmed, to enhance accounting standards in accordance with its Act.

 

Otunba Adeniyi Adebayo, Minister of Industry, Trade, and Investment, while inaugurating the executive secretary on Thursday in Abuja,  urged the FRCN to achieve its mandate as specified in section eight of its Act by enforcing standards. The minister, in a statement by his Special Assistant on Media, Mr Ifedayo Sayo also charged the council to advise the Federal Government on accounting and financial reporting standards. He also urged the council to maintain a register of professionals in the accounting sector related to the process of creation of financial reports.

 

 Adebayo requested that the council should review and monitor professionals in the accounting sector, as well as the corporate governance financial papers. He, however, pointed out that the new executive secretary’s appointment was on merit based on his past achievements and advised him to ensure that he left landmark achievements at the end of his tenure.

 

“You are therefore expected to discharge your duties in accordance with the rules and regulations laid down in the Act establishing the council and Extant Rules,” he admonished. Responding, Ahmed pledged to ensure that FRCN lived up to expectations under his leadership and listed areas of his priority to include enforcement, operations, and funding of the council. He listed other areas of priority to include supervision and collaboration with regulatory supervisory bodies such as the Security and Exchange Commission, Central Bank of Nigeria, National Pension Commission, and Corporate Affairs Commission. He noted that the council, being the apex regulatory agency for financial reporting and corporate governance, its actions, and inactions might make or mar local and foreign investors’ confidence in the nation’s economy.

Nigeria News Paper