Council releases Rule 8: Functional and Presentation Currencies.
In line with the provisions of International Financial Reporting Statndards, entities are faced with two matters in terms of the currency in which their Financial Statements are presented.
For Council's rule on this matter, go to Board Activities, Click on Council's Rules and Scroll to Rule 8.
IPSASB's Exposure Drafts
The Council invites you to comment on IPSASB's Exposure Drafts No. 59, 60 and 61. READ MORE
Reply to CBN Governor's letter on FRC Regulatory Decision on Stanbic IBTC Holdings Plc. (Click here for details)
FRC issues Regulatory Decision on Stanbic IBTC Holdings Plc. - Directs the entity to withdraw and restate their financial statements for years ended 31st December 2013 and 2014. - Suspends the FRC registration of four of the Directors and that of the Audit Engagement Partner (Click here for details).
FRC's rejoinder to Stanbic IBTC Holdings Plc advertorial on page 2 of Businessday newspaper of Tuesday, October 27, 2015 (Read More).
Please be informed that Professionals who have duly completed their registration process with our Council, up to payment stage should proceed to the nearest FRC Office or Desk office located at the Corporate Affairs Commission as here under for their biometric data and capture
|1. Financial Reporting Council of Nigeria
Federal Secretariat Complex
Phase II, BLK C, Shehu Shagari Way
Central Business District
2. Corporate Affairs Commission Office
Wuse Zone 5
|3. Corporate Affairs Commission Office
Plot 420, Tigris Crescent
Off Aguiyi Ironsi Crescent
4. Corporate Affairs Commission Office
Plot 31B, Okpara Avenue
|5. Corporate Affairs Commission Office
44, Adegoke Adelabu
Total Garden, Adjacent K.S. Hotel
6. Corporate Affairs Commission Office
1, Yakubu Avenue,
Behind Lugard Hall
|7. Corporate Affairs Commission Office
Otunba Jobi Fele Way
8. Corporate Affairs Commission Office
18/20, Catholic Mission Street
Opposite City Hall
|9. Financial Reporting Council of Nigeria
Elephant Cement House
10. Corporate Affairs Commission Office
30, Danjuma Drive
Off Trans Amadi Industrial Layout
NOTICE! NOTICE!! NOTICE!!!
FRC HAS RELOCATED TO
4TH FLOOR, LCCI HOUSE
NO 10, NURUDEEN OLOWOPOPO STREET,
(NEAR MKO ABIOLA GARDENS)
CENTRAL BUSINESS DISTRICT,
ONLINE REGISTRATION PROCESS WITH FRC
1. Kindly go to our website: www.financialreportingcouncil.gov.ng (Do make sure that your internet browser is either Explorer 9 OR Google Chrome OR Mozilla Firefox).
2. On the major heads at the site, click on “Registration” and open to “Individual Professional”. (Please note that all Professionals irrespective of field of study are to register: see Section 41 of Financial Reporting Council Act of Nigeria 2011).
3. Complete the application form: (Kindly make sure you have your passport photograph, copies of your educational and professional certificates and your signature scanned; as you shall be required to upload them).
4. Make payment either online or at any Bank branch with a print-out of your Transaction Code..Read More
5. Submit the printed completed form to FRC office.
6. Kindly call Mrs. Kate Aliu on 08036668903 or 017936101 if you need assistance.
The documents needed for registration:
1. Photocopies of your Professional and Educational certificates
2. One passport sized photograph that must be;
Note: Photographs that do not conform to these standards will be rejected and may cause a delay in processing your application.
3. Photocopies of National Identity Card, International Passport or Driver's Licence.
4. A scanned copy of your signature.
5. Evidence of payment of the appropriate non refundable registration fee of Seventeen Thousand Three Hundred Naira (N17,300) only for individual professional or Two Hundred and Nineteen Thousand, Three Hundred Naira (219,300) for multiple professional.
6. Ensure payment is made within 48hours of registration after which your transaction code expires to revalidate, it attracts a fine of TwoThousand, Five Hundred naira (N2,500) only.
7. Payment is still STRICTLY on REMITA PLATFORM
8. Please DO NOT register twice as this will attract a penalty fee of Five Thousand Naira (5,000) only.
Note: All certificates should be scanned in PDF format while your passport photograph and signature in JPG format for upload during the registration online.
ON-LINE COMPANY REGISTRATION PROCESS
Kindly go to our website: www.financialreportingcouncil.gov.ng
Ensure that your internet browser is either Explorer 9 OR Google Chrome OR Mozilla Firefox
On the right side of the site, Click on Registration, then click Company/Enterprise (on the drop down)
Scan: Signature (of contact person) for upload
Fill the Form. (after filling, submit and print the form; then click Save and print a number that appears on the screen)
Annual Due Rates:
Limited and Enterprises. See Section 33 (c) of the FRC Act, 2011. Click here for details (Please note that your preceding year’s turnover determines your current year annual due payment.)
Listed or Quoted companies:
See Section 33 (b) of FRC Act, 2011. Click here for details. (Please note that the calculation of your annual dues is based on your market capitalisation as at January 1 of every year OR your market capitalisation as at the date you are listed/quoted on the Exchange in that very year.)
Make your payment at any of our offices nearest to you. Click here for locations.
Submit to the Council: the printed Form, Financial Statements (of previous two years) and your annual due payment (cheque or cash).
Anual Due Rate for Ltd. Coy/Ent.
Tuneover Annual Dues
Less than 50m 5,000.00
50m - 500m 20,000.00
500m - 1bn 50,000.00
1bn - 10bn 100,000.00
10bn and above 1,000,000.00
Please note that the preceeding year's turnover determines your current annual due payment
FRC annual dues payment is effective from 2011. Arrears dues for 2006 - 2010, if any, under NASB to be paid (at 5,000.00 p/a)
The Financial Reporting Council (FRC) of Nigeria is a federal government agency established by the Financial Reporting Council of Nigeria Act, No. 6, 2011. It is a federal government Parastatal under the supervision of the Federal Ministry of Industry, Trade and Investment. The FRC is responsible for, among other things, developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria; and for related matters.Read more...
In accordance with the communique at the 11th Annual Financial Reporting Summit of the Council, the Draft of the National Code of Corporate Governance (NCCG) is hereby exposed for comments from stakeholders effective from today, 15th April, 2015. The Draft NCCG can be downloaded from the “Corporate Governance” section herewith.
The Draft NCCG is in three parts: Private Sector, Public Sector and Not-for-Profit. Written comments should be addressed to:
Executive Secretary/Chief Executive Officer
Financial Reporting Council
Elephant Cement House (3rd Floor)
Alausa, Ikeja, Lagos.
The deadline for receiving comments on the Draft NCCG is 14th May, 2015. A public hearing shall hold on the subject on 19th May, 2015.