FRC charged to enforce acceptable financial reporting in MDAs

The Accountant-General of the Federation, Ahmed Idris, on Wednesday charged the Financial Reporting Council of Nigeria to enforce the acceptable financial management and reporting standards in ministries, departments, and agencies of government.

Idris also charged the FRC to ensure that the globally accepted financial reporting standards were complied with by private entities across the country.

He disclosed this in a statement issued in Abuja by the Director of Information, Press, and Public Relations in the Office of the Accountant-General of the Federation, Henshaw Ogubike.

The statement stated that Idris made this known while playing host to the leadership of the FRC, led by the Acting Executive Secretary, Iheanyi Anyahara.

It read in part, “He (Idris) saluted the courage of the FRC in its determination to ensure compliance with internationally acceptable financial management and reporting standards, and advised that enforcement of the policy should be holistic to ensure optimal compliance by public and private entities.”

The auditor-general also pledged that his agency would ensure the timely production of the Federal Government’s general purpose financial statements.

He stated that in compliance with the extant rules and regulations guiding its operations, the Federal Government treasury had bridged the hitherto deficit in the production of the Federal Government’s financial statements.

Idris was quoted as saying, “The Federal Government treasury will continue to implement strategies that will guarantee timely production of general-purpose financial statements of the Federal Government.”

On the request by the FRC for partnership and synergy with the OAGF, Idris noted that the initiative was apt and would among other things promote a healthy and mutually beneficial working relationship between the two agencies.

He approved the constitution of a joint committee comprising officials of the FRC and OAGF to work out modalities for the proposed partnership.

In his remarks, Anyahara said the FRC would support the OAGF to ensure a seamless implementation of the International Public Sector Accounting Standards accrual basis of accounting for general purpose financial statement in Nigeria.

Credit: Today.ng