Council Begins Registration Of Professionals

The newly formed Financial Reporting Council (FRC) has declared that it would start registration of professionals who work with public interest entities next month.

This was disclosed by Executive Secretary of the FRC, Mr. Jim Obazee, during separate consultative visits to the management of the Securities and Exchange Commission (SEC) and the Federal Internal Revenue Service (FIRS) in Abuja.

In a press statement, Obazee disclosed that the registration, which is made mandatory by provisions of Sections 41 and 42 of the FRC Act that empowers the FRC to register and maintain a register of professionals who render services to public interest entities for remuneration.

He charged the two bodies to help in the compulsory registration by requesting for FRC certificate of registration from professionals who transact business with them.

Obazee also implored them to make available to FRC regulations they have passed in the past which have implications on financial reporting and corporate governance for codification in accordance with provisions of the Act, which makes the FRC supreme body on financial reporting standards and corporate governance rules.

He also sought the assistance of the bodies in the quest to provide enabling environment for the implementation of International Financial Reporting Standards (IFRS) as well as the establishment of proposed IFRS Academy.

He specifically sought the release of the Nigerian Capital Market Institute, Abuja, by SEC for the take off of the Academy.

He also acknowledged the representation by members of the two bodies on the Governing Council of the defunct Nigerian Accounting Standards Board (NASB), which gave birth to FRC.