Financial Reporting Council (FRC) Thursday denied a report that it refused to approve the 2012 financial report of the Central Bank of Nigeria (CBN).
The council also said the fund raised for the proposed International Financial Reporting Standard (IFRS) Academy was intact, even as it insisted that the contributions made by organisations under its supervision will not in any way affect its regulatory functions.
The Chief Executive Officer/Executive Secretary, FRC, Jim Obazee, said this while addressing journalists in Lagos.
Report have that the FRC recently objected to 22 items in the CBN 2012 annual report, thereby not giving an approval to the bank’s financial statement for last year.
Obazee said the financial report of entities including that of the CBN is approved by the Governing Board of the organisations.
The FRC does not approve accounts. Section 8 (d) of the FRC Act requires preparers of financial statement to send their financial statements to the FRC within 60 days after approval by their own board.
No comments:
Post a Comment