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Financial Reporting Council of Nigeria Act, 2011 🇳🇬


Coat of Arms

Financial Reporting Council of Nigeria Act, 2011

  • Published in Federal Republic of Nigeria Official Gazette on 7 June 2011
  • Assented to on 3 June 2011
  • Commenced on 3 June 2011
  • [This is the version of this document from 7 June 2011.]
AN ACT TO REPEAL THE NIGERIAN ACCOUNTING STANDARDS BOARD ACT, NO.22 OF 2003 AND ENACT THE FINANCIAL REPORTING COUNCIL OF NIGERIA CHARGED WITH THE RESPONSIBILITY FOR, AMONG OTHER THINGS, DEVELOPING AND PUBLISHING ACCOUNTING AND FINANCIAL REPORTING STANDARDS TO BE OBSERVED IN THE PREPARATION OF FINANCIAL STATEMENT OF PUBLIC ENTITIES IN NIGERIA ; AND FOR RELATED MATTERS.

Part I – ESTABLISHMENT OF THE FINANCIAL REPORTING COUNCIL OF NIGERIA

1. Establishment of the Financial Reporting Council of Nigeria

(1)There is established the Financial Reporting Council of Nigeria (in this Act referred to as “the Council”).
(2)The Council shall be :
(a)a body corporate with perpetual succession and a common seal ; and
(b)may sue and be sued in its corporate name.
(3)The Council may acqui…

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