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FRCN Request for Comments on International Accounting Standards Board (IASB) Exposure Drafts

Associations & Practice	2758 VIEWS
Associations & Practice
2758 VIEWS

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Thursday, August 20, 2020 /04:47 PM / By Financial Reporting Council of Nigeria / Header Image Credit: IAS Plus

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 quality standards of financial reporting and corporate governance.

To give effect to the above, FRC, as a recognized National Standards Setter and regular participant in the World Standards Setters Forum and a member body of the International Accounting Standards Board (IASB), is involved in the global standards setting process of the IASB. 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 24 of the FRC Act No. 6, 2011; the Council hereby request for comments on the following IASB's Exposure Drafts. The comment due dates are as stated against each document in the table below. This is to enable the Council to collate and harmonize comments for onward submission to the International Accounting Standards Board (IASB) as a Jurisdiction.

S/N	Documents for Comment	Due Dates for Comments to FRC
1	Proposed IFRS Taxonomy Update and comment letters - Amendments to IFRS 17, IFRS 4 and IAS 16	31-Aug-20
2	Exposure Draft and comment letters: General Presentation and Disclosures (Primary Financial Statements)	16-Sep-20
3	Tentative Agenda Decision and comment letters: Supply Chain Financing Arrangements - Reverse Factoring	16-Sep-20
4	Request for Information: Comprehensive Review of the IFRS for SMEs Standard	13-Oct-20
5	Discussion Paper and comment letters: Business Combinations -Disclosures, Goodwill and Impairment	30-Nov-20