FRCN Request for Comments on IPSASB Exposure Drafts

Associations & Practice	2332 VIEWS
Associations & Practice
2332 VIEWS

Tuesday, September 01, 2020 /07:59 AM / By Financial Reporting Council of Nigeria / Header Image Credit: IPSASB

The Financial Reporting Council of Nigeria ("FRC" or "the Council") the regulatory agency of the Federal Government that promotes trade and investment in Nigeria by ensuring the development, publishing, promoting and compliance with high standards of financial reporting and corporate governance.

To give effect to the above, FRC, as a recognized National Standards Setter is generally engaged in the global standards setting process of the International Federation of Accountants, through the International Public Sector Accounting Standards Board (IPSASB). This usually includes new standards to be issued, and existing standards for reviews/amendments from time to time.

Thus, in furtherance to Section 8.1a, h & o, and Section 25 of the FRC Act No. 6, 2011; the Council hereby request for comments on the following IPSASB's Exposure Drafts. The comment due dates are as stated against each document in the table. This is to enable the Council to collate and harmonize comments for onward submission to the International Public Sector Accounting Standards Board (IPSASB) as a Jurisdiction.

S/N	Documents for Comment	Due Dates for Comments to FRC
1	Exposure Draft 70, Revenue With Performance Obligations	19-Oct-20
2	Exposure Draft 71, Revenue Without Performance Obligations	19-Oct-20
3	Exposure Draft 72, Transfer Expenses	19-Oct-20