FRC, ACCA partner to drive financial reporting

Financial Reporting Council (FRC) has signed a Memorandum of Understanding (MOU) with the Association of Chartered Certified Accountants (ACCA) to strengthen their already existing partnership and ensure future sustainable financial reporting.

Rabiu Olowo, executive secretary and chief executive officer of FRC acknowledged ACCA’s unwavering support, which led to the signing of a MOU to solidify their commitment to collaboration.

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The event, held in Abuja with discussions centred around crucial areas such as financial reporting, corporate governance, and the emerging realm of sustainability reporting.

The FRC Chairman stressed that their mission extended beyond promoting the work of accountants to ensuring credible financial reporting which is a shared objective with ACCA.

The collaboration aimed to hold professionals accountable for maintaining the highest ethical standards, with a joint resolve to enforce stringent measures against any misconduct,” Olowo said.

“This is the kind of alignment that we share as a FRC and also the ACCA. So we want to make sure that we owe Accountants, Auditors, or anyone who is a professional within the financial reporting frame to ensure that they do the right thing and we owe them to account to do the right thing.”

Olowo also disclosed that over the past four months, the FRC had launched directories of evaluation and arterial standards, along with new codes for corporate governance in public institutions and nonprofit sectors aiming to strengthen technical foundations with ACCA’s expertise.

“In the last four months, we have launched two new directories, directories of evaluation standards, directories of arterial standards, and we have issued new codes which we have exposed to the public codes of corporate governance for public institutions, code of corporate governance for the nonprofit sectors.

“So all these areas are the fulcrum of our discussion this afternoon to see how we can work with the ACCA to strengthen our technical base and strengthen the outcome of all of these areas.”

Helen Brand, CEO, ACCA, expressed her delight in reinforcing the longstanding collaboration with FRC. She highlighted the evolving challenges that finance professionals face globally, emphasizing the critical role of education and enlightenment as drivers of sustainable financial reporting.