FRC To Ensure Compliance With IFRS 17 In 2023       The Financial Reporting Council has said it is getting its constituents ready for IFRS 17 which will be effective for annual periods beginning on or after January 1, 2023. A statement on Tuesday titled, ‘Stakeholders interactive forum...

Stakeholders Call For Independence Of Auditor General Office         Stakeholders in the accounting sector have called on Federal government to grant Office of the Auditor General of the Federation full independence so as to discharge his constituted duties without undue inference. This is as a civic organization...

Banks Shouldn’t Lend To States Without Our Approval – FRC       The Fiscal Responsibility Commission said on Sunday that no Deposit Money Bank should lend money to any state without the approval of the commission. The FRC said this was in line with the provisions of the...

MDAs Remitted N1.8trn In Twelve Years – FRC       The Acting Chairman of the Fiscal Responsibility Commission, Victor Muruako, has said more than N1.8tn has been remitted into the Consolidated Revenue Fund in the last 12 years as operating surplus by Ministries, Departments and Agencies. He said...

122 MDAs Fail To Remit N1.2trn Operating Surpluses - FRC       The non-remittance of revenue by most ministries, departments and agencies of government to the Consolidated Revenue Funds of the Federal Government is currently N1.2tn, the Fiscal Responsibility Commission said on Monday. The FRC is responsible for...

FRC Issues New Guidelines On Financial Reporting   The Financial Reporting Council of Nigeria has released guidelines on the impact of COVID-19 on financial reporting. The FRC said on its website on Thursday that this was the second set of guidelines to be released by the council...