The Financial Reporting Council of Nigeria has issued new reporting guidance to enable companies respond to prudential considerations in different sectors of the economy.
It stated: “We refer to Paragraph D of the Introduction section of Nigerian Code of Corporate Governance 2018 on Monitoring the Implementation of NCCG 2018, which provides that, “The implementation of this Code will be monitored by the FRC through the sectoral regulators and registered exchanges who are empowered to impose appropriate sanctions based on the specific deviation noted and the company in question”.
On Reporting Template, it referred to Paragraph 1 of the Regulation on the Adoption and Compliance with the Code, and issued pursuant to Section 73 of the Financial Reporting Council of Nigeria Act of 2011, which provides that, all public companies and the Corporate Affairs Commission , shall report on the application of the Code in their annual reports for financial years ending after January 1, 2020 in the form and manner prescribed by the FRC.
Until the web portal is completely developed, companies are expected to download the reporting template from the FRC’s website at www.financialreportingcouncil.gov.ng, complete it and submit a copy of the completed report to: their sector regulators; the FRC at; and, for listed companies, the stock exchanges on which they are listed.
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