FRC assures on reporting standard implementation

The Financial Reporting Council (FRC), has assured that Nigerian entities are not left behind in the implementation of International Financial Reporting Standards (IFRS) and other financial reporting regulations. Speaking during a courtesy visit to the corporate head office of the FRC in Lagos recently, by the Group Managing Director of Access Bank, Mr Aigboje Aig-Imoukhuede, the FRC Executive Secretary, Mr Jim Obazee, acknowledged the role of Access Bank especially its contributions to the establishment of the proposed IFRS Academy in the Federal Capital Territory, stating that the council would ensure it does not deviate from its objectives and responsibilities. He thanked the Federal Government for the inauguration of the Board of the FRC, noting that the council is now fully geared to fulfill its objectives. He disclosed that the body had already started work on the registration of professionals, stressing that no professional could work for a public entity without FRC registration. “FRC registration is one of the requirements that the Independent National Electoral Commission would be expecting prospective office holders to possess. Accounting officers such as local government chairmen have to register with the FRC. Also, Nigerians coming with foreign certificates would have to domesticate such certificates before they are registered,” he said. On his part, Aig-Imoukhuede, recalled the relationship between the bank and the FRC, which dates back to the days of the defunct Nigerian Accounting Standards Board (NASB). He stated the role played by the bank in the evolvement of the road map to adoption of IFRS in the country. culled from Nigerian Tribune