Why FRC was created ' Obazee

The Executive Secretary/Chief Executive Officer of Financial Reporting Council (FRC), Mr Jim Obazee, has said the Council was created to promote both local and foreign investments.Speaking at an enlightenment forum with external auditor in Lagos last week, he stated that the FRC did not only harmonise financial reporting at the local level, but also at the international level.He explained that Section 11 of the Act empowered the Council to: protect investors and stakeholders interest; give guidance on issues relating to financial reporting and corporate governance; ensure good corporate governance practices in the public and private sectors of the Nigerian economy, and harmonise activities of relevant professional and regulatory bodies as relating to corporate governance and financial reporting.He said the FRC Act sought to avoid conflict among different financial institutions in the country on issues relating to annual accounts and returns by stating that the FRC had overriding powers over any such issues.According to Section 59 (2) of the FRC Act; 'where there is any conflict between the Financial Reports or Annual Returns and other documents required or prepared in fulfillment of the relevant sections of the Acts listed n subsection (1) of this section and other Acts which deal with Financial Reporting, the standards and guidelines adopted for that purpose by the Council shall to the extent of that inconsistency prevail.
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