The Financial Reporting Council (FRC) of Nigeria is a federal government agency established by the Financial Reporting Council of Nigeria Act, No. 6, 2011. It is a federal government Parastatal under the supervision of the Federal Ministry of Industry, Trade and Investment. The FRC is responsible for, among other things, developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria; and for related matters.

The Council’s main objects, as defined in the FRC Act, are to:

protect investors and other stakeholders interest
give guidance on issues relating to financial reporting and corporate governance to professional, institutional and regulatory bodies in Nigeria
ensure good corporate governance practices in the public and private sectors of the Nigerian economy
ensure accuracy and reliability of financial reports and corporate disclosures, pursuant to the various laws and regulations currently in existence in Nigeria
harmonise activities of relevant professional and regulatory bodies as relating to corporate governance and financial reporting.
promote the highest standards among auditors and other professionals engaged in the financial reporting process.
enhance the credibility of financial reporting; and
improve the quality of accountancy and audit services, actuarial, valuation and corporate governance standards.

CORPORATE OFFICE

Financial Reporting Council of Nigeria
4th and 5th Floor, Alexander House
Plot 8, Otunba Jobi Fele Way
(By Japaul House)
Alausa Central Business District
Ikeja, Lagos