ICANManagement InformationData and Management Reporting2020

Under the Financial Reporting Council of Nigeria (FRCN) Act 2011, which body is primarily responsible for setting financial reporting standards applicable to public interest entities in Nigeria?

AThe Nigerian Accounting Standards Board (NASB)
BThe Corporate Affairs Commission (CAC)
CThe Financial Reporting Council of Nigeria (FRC)CORRECT
DThe Securities and Exchange Commission (SEC)
AI
Toaster Teacher
Why the answer is C, and why the others tempt you.
The Financial Reporting Council of Nigeria (FRC), established by the FRC Act 2011, is the apex body responsible for developing and publishing accounting and financial reporting standards for public interest entities in Nigeria, replacing the former NASB. The CAC administers company incorporation under CAMA 2020, while SEC regulates the capital market. NASB was dissolved upon the establishment of the FRC.
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