New FRC boss vows to enforce accounting standards in SEC, CBN, PenCom, others

The Financial Reporting Council of Nigeria (FRC) has issued new reporting guidelines to enable firms respond to prudential considerations in various sectors.

The newly appointed Executive Secretary/Chief Executive, Financial Reporting Council of Nigeria (FRCN), Alhaji Shuaibu Ahmed, Thursday said he is committed to the enforcement of accounting standards, supervision and collaboration with regulatory supervisory bodies including the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) and the National Pension Commission (PenCom).

He also listed the Corporate Affairs Commission (CAC) and National Insurance Commission (NAICOM) as other priority institutions to be assessed during his regime.

He spoke during his inauguration by the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, in Abuja.

The minister had earlier tasked the FRCN boss on the need to develop a sound accounting and financial reporting standards in accordance with the Act establishing the council.

He also emphasised the need for the council to achieve its mandate as specified in section 8 of the Act by enforcing accounting standards, advising the federal government on accounting and financial reporting standards and maintaining a register of professionals in the accounting sector related to the process of creation of financial reports.

Adebayo further tasked the council to review and monitor the professionals in the accounting sector and the monitoring of corporate governance financial papers.

He urged Ahmed to consider his appointment as a privileged one based on his past achievements and ensure that he left landmark achievements by the time he leaves office.

In a statement issued by his media aide, the minister said: “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.”

Nonetheless, Ahmed who said he was prepared to ensure that FRCN lived up to expectation under his leadership, pointed out that the council being the apex regulatory agency for financial reporting and corporate governance in the country, its actions and inactions may make or mar local and foreign investors’ confidence in the economy.

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