Minister urges FRC to enforce accounting standards | Dailytrust

Minister urges FRC to enforce accounting standards

The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo

The Minister of Industry, Trade and Investment, Adeniyi Adebayo, has tasked the newly appointed Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Alhaji Shuaibu Adamu Ahmed, on the need to develop sound accounting and financial reporting standards in accordance with the Act establishing the council.

The minister, who inaugurated the new executive secretary on Thursday, also emphasised the need for the FRC to achieve its mandate.

He told the new executive secretary to see his appointment as a privileged one based on his past achievements and ensure that he left landmark achievements when he leaves office.

“You are, therefore, expected to discharge your duties in accordance with the rules and regulations laid down in the Act establishing the council and extant rules,” he urged.

Ahmed, who said he was prepared to ensure that the FRC lived up to expectations under his leadership, noted that the council being the apex regulatory agency for financial reporting and corporate governance in the country, its actions and inactions may make or mar local and foreign investors’ confidence in the nation’s economy.

The outgoing Acting ES/CEO, Dr Anyahara, pledged the support of the staff and management towards the realisation of the council’s mandate.