ICANFinancial AccountingRegulatory Framework and Conceptual Framework2020

The Financial Reporting Council of Nigeria (FRCN) was established by which legislation, and what is its primary mandate?

AFRCN Act No. 6, 2011; to regulate and develop accounting, auditing and financial reporting standards in NigeriaCORRECT
BCompanies and Allied Matters Act 2020; to register and regulate companies operating in Nigeria
CInvestment and Securities Act 2007; to regulate capital market operators and protect investors
DCentral Bank of Nigeria Act 2007; to supervise financial institutions and enforce monetary policy
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Why the answer is A, and why the others tempt you.
The Financial Reporting Council of Nigeria was established by the FRC Act No. 6 of 2011. Its primary mandate includes developing and publishing accounting, auditing, actuarial and valuation standards, and ensuring the accuracy and reliability of financial reports of public interest entities in Nigeria. CAMA 2020, ISA, and CBN Act serve different regulatory purposes.
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