FINANCIAL REPORTING COUNCIL OF NIGERIA (AMENDMENT) ACT, 2023

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FINANCIAL REPORTING COUNCIL OF NIGERIA (AMENDMENT) ACT, 2023

LAWS OF THE FEDERATION OF NIGERIA

ARRANGEMENT OF SECTIONS

1.       Amendment of Act No. 6, 2011

2.       Amendment of section 2

3.       Amendment of section 8

4.       Amendment of section 11

5.       Amendment of section 15

6.       Amendment of section 20

7.       Amendment of section 28

8.       Substitution for section 33

9.       Amendment of section 41

10.     Amendment of section 42

11.     Amendment of section 48

12.     Amendment of section 51

13.     Amendment of section 53

14.     Amendment of section 59

15.     Amendment of section 60

16.     Insertion of section 61A

17.     Amendment of section 63

18.     Amendment of section 64

19.     Amendment of section 65

20.     Substitution for section 68

21.     Amendment of section 72

22.     Substitution for section 73

23.     Substitution for section 77 24. Citation

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FINANCIAL REPORTING COUNCIL OF NIGERIA (AMENDMENT) ACT, 2023

ACT NO. 42

An Act to amend the Financial Reporting Council Of Nigeria Act, No. 6, 2011 to, among other things streamline the membership of the Governing Board and strengthen the Council to discharge effective regulatory responsibilities on financial reporting and corporate governance in Nigeria ; and for related matters

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[COMMENCEMENT]                  [3RD DAY OF MAY, 2023]

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ENACTED by the National Assembly of the Federal Republic of Nigeria-

1.       Amendment of Act No. 6, 2011

(1)     The Financial Reporting Council of Nigeria Act, No. 6, 2011 (in Amendment this Act referred to as “the Principal Act”) is amended as set out in this Act.

2.       Amendment of section 2

Section 2 of the Principal Act is amended by substituting for subsection (2), a new subsection “(2)” –

“(2)   The Board shall consist of —  

(a)     a Chairman who shall be a professional accountant with cognate experience of at least 10 years;

(b)     one representative from each of the—

(i)      Association of National Accountants of Nigeria,

(ii)     Institute of Chartered Accountants of Nigeria,

(iii)    Office of the Auditor-General for the Federation,

(iv)    Chartered Institute of Stockbrokers,

(v)     Chartered Institute of Taxation of Nigeria,

(vi)    Ministry charged with the responsibility of supervising the activities of the Council,

(vii)   Ministry charged with the responsibility for finance,

(viii)   Nigerian Accounting Association,

(ix)    Nigerian Institution of Estate Surveyors and Valuers,

(x)     Institute of Directors of Nigeria, and

(xi)    Office of the Accountant General of the Federation; and

(c) the Executive Secretary of the Council

3.       Amendment of section 8

Section 8 of the Principal Act is amended —

(a)     in subsection (1)(d), by substituting for the word, “Board”, the words, “board of public interest entities”;

(b)     in subsection (1), by substituting for paragraphs (h) and (g), new paragraphs “(h)”and” (g)” of Act No. 6, 2011

“(h)   promote compliance with the adopted standards issued by the International Federation of Accountants (IFAC), International Financial Reporting Standards Foundation (IFRS), International Public Sector Accounting Standards Board (IPSASB) or any other body that may be designated as such and any other setting body relating to the mandate of the Council;

(g)     develop or adopt and keep up-to-date auditing standards issued by relevant professional bodies and ensure consistency between the standards issued and the auditing standards and pronouncements of the International Auditing and Assurance Standards Board, International Organisation of Supreme Audit Institutions or any other body that may be designated as such and any other international standards setting body relating to the mandate of the Council;”

(c)     by inserting after paragraph “(r)”, a new paragraph “(s)”

“(s)    maintain a national repository for electronic submission of General Purpose Financial Statements by public interest entities”; and

(d)     in subsection (2), by inserting after the word, “implementing”, the words “financial reporting, corporate governance,”.

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