Following widespread criticism of the Financial Reporting Council (FRC) Act ranging from its coverage area, implementation and the challenges with compliance, Deloitte Corporate Services Limited will hold a one-day Roundtable on the implications of the Act for business.
The FRC Act, which was enacted in 2011 to replace the defunct Nigerian Accounting Standard Board Act No, 22 of 2003, confers on the Financial Reporting Council of Nigeria (FRCN) the authority to set standards for corporate reporting and actuarial practice as well as to monitor and enforce accounting and auditing standards for public interest entities in Nigeria.
The overall objective of the roundtable is to stimulate positive discourse that would yield recommendations that would effectively address the challenges presented by provisions of the Act.
According to the Company, the Roundtable will afford participants from a cross section of the business community the unique opportunity of a forum for frank and engaging dialogue regarding the issues and challenges posed by compliance with the Act.
“Of major concern are the issues regarding the technical capacity of the FRC as presently constituted, to review the Financial Statements of public interest entities and other grey areas pertaining to registration with the Council,” the Company said.
Topics to be covered at the session include the proposed National Code of Corporate Governance, Disclosure and Reporting Requirements under the FRC Act and Challenges on Implementation Roadmap to the Act. Target participants at the session are Directors, Company Secretaries/In-House Counsel, Compliance Officers, Private Legal Practitioners and Chief Financial Officers.
The team of panelists expected at the Roundtable, which is scheduled to hold on June 4, 2013 at Protea Hotel Ikeja, Lagos, includes; Jim Osayande Obazee, Executive Secretary/Chief Executive Officer at the FRCN; Jibril Aku, Managing Director, Ecobank Nigeria; Haruna Jalo-Waziri, Executive Director, Nigerian Stock Exchange; Chris Ogbechie, Director, Etisalat Corporate Social Responsibility Centre; Fabian Ajogwu, SAN, Managing Partner Kenna Partners.
Others are Oduware Uwadiae, Partner in charge of IFRS implementation, Akintola Williams Deloitte who served on the Roadmap Committee set up by the Federal Government for the adoption of IFRS in Nigeria; Osaretin Odaro-Oyewumi, CEO of CLB-Sage, a Management Consulting Firm and an affiliate of the Centre for Law and Business (Registered Centre of University of London).