Quick Answer: What are the objectives of Financial Reporting Council of Nigeria?

The objective of the FRCN is to protect the investor and stakeholder interest, give guidance on issues relating to financial reporting and corporate governance, ensure good corporate governance practices, ensure accuracy and reliability of financial reports and harmonise activities of relevant professional and …

What are the basic objective of Financial Reporting Council Act of Nigeria no 6 of 2011?

The Council’s main objects, as defined in the FRC Act, are to: protect investors and other stakeholders interest. give guidance on issues relating to financial reporting and corporate governance to professional, institutional and regulatory bodies in Nigeria.

What is the objective of financial reporting?

The objective of financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity.

What is the idea of Financial Reporting Council of Nigeria?

The financial reporting council of Nigeria is owned by the federal government and regulated by the federal ministry of industry, trade, and investment. Their main purpose is to maintain the standard employed by all public entities in Nigeria as regards the development and publishing of financial reports.

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What are the functions of the Financial Reporting Council?

Its responsibilities include overseeing: the monitoring of recognised Supervisory and Recognised Qualifying Bodies; audit quality reviews; Corporate reporting reviews; Professional discipline; and the regulation of accountants and actuaries.

What are the objectives of FRCN?

The objective of the FRCN is to protect the investor and stakeholder interest, give guidance on issues relating to financial reporting and corporate governance, ensure good corporate governance practices, ensure accuracy and reliability of financial reports and harmonise activities of relevant professional and …

What is a financial reporting?

Financial reporting is the financial results of an organization that are released its stakeholders and the public. … Financial reporting typically encompasses the following documents and postings: Financial statements, which include the income statement, balance sheet, and statement of cash flows.

What are the objectives of the financial department?

Objectives in a Finance Department

  • Develop an Accurate Budget. Financial departments strive to develop a realistic budget that clearly indicates what the organization will spend. …
  • Coordinate With Other Departments. …
  • Procure Funds From Appropriate Sources. …
  • Pay Off Debts. …
  • Ensure Trust Through Transparency.

What are the three primary objectives of financial accounting information?

The objectives of financial reporting cover three areas, dealing with useful information, cash flows, and liabilities.

What is the main objective of financial reporting quizlet?

What is the objective of financial reporting? Is to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in decisions about providing resources to the entity.

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Who are the members of NASB?

Membership includes:

  • Central Bank of Nigeria.
  • Corporate Affairs Commission.
  • Federal Inland Revenue Service.
  • Federal Ministry of Commerce.
  • Federal Ministry of Finance.
  • Auditor-General for the Federation.
  • Accountant-General of the Federation.
  • Securities and Exchange Commission.

What led to the replacement of NASB by FRCN?

The FRCN replaced the Nigerian Accounting Standard Board (NASB) following the adoption of the International Financial Reporting Standards (IFRS), and has since been regulating the practice of accounting in Nigeria.

What are the elements of financial statements?

Of these elements, assets, liabilities, and equity are included in the balance sheet.

The main elements of financial statements are as follows:

  • Assets. …
  • Liabilities. …
  • Equity. …
  • Revenue. …
  • Expenses.

Who regulates financial reporting?

The Financial Accounting Standards Board (FASB) is an independent nonprofit organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States, following generally accepted accounting principles (GAAP).

What is Fullform of FRC?

The Financial Reporting Council (FRC) of Nigeria is a federal government agency established by the Financial Reporting Council of Nigeria Act, No.