In a bid to enhance transparency and accountability in financial reporting and further strengthen corporate governance in Public Interest Entities (“PIEs”), the National Assembly, in April 2023, passed the Financial Reporting Council of Nigeria (Amendment) Act, 2023 which amended some provisions of the Financial Reporting Council of Nigeria Act of 2011.
The Financial Reporting Council of Nigeria (“FRCN”) was primarily established in 2011 to develop and publish accounting and financial reporting standards to be observed by PIEs in the preparation of financial statements, as well as to adopt and enforce corporate governance codes to be complied with by the boards and managements of the entities.
The FRCN Amendment Act, which has a commencement date of May 3, 2023, and was published in the Federal Republic of Nigeria Official Gazette of July 19, 2023, introduced new supervisory, governance, regulatory, compliance, enforcement and punitive measures to the existing and applicable financial reporting and corporate governance regimes.
This article provides a quick guidance on the changes, introduced by the FRCN Amendment Act, that are relevant to PIEs – entities that are subject to the regulatory remit of the FRCN.
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