Overview

The Financial Reporting Council of Nigeria Act 2011 establishes the Financial Reporting Council of Nigeria (FRCN) as a regulatory body responsible for setting accounting, auditing, actuarial, valuation, and corporate governance standards in Nigeria. The Act outlines the establishment, membership, and powers of the Board, the appointment of an Executive Secretary, and the creation of various directorates to oversee different standards. It includes provisions for the registration of professionals, monitoring compliance, enforcement through sanctions, and financial management of the Council. The Act was passed in 2011 and published in the Official Gazette of the Federal Republic of Nigeria.

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