PUBLIC HEARING ON CORPORATE GOVERNANCE CODE.

The Financial Reporting Council of Nigeria, (FRC) will on the 30th of this month hold public hearing on code of corporate governance at the Airport Hotel, Ikeja.
According to notification published on its website, the hearing was earlier scheduled for May 19 but had to be postponed due to court injunction.
The FRC had earlier exposed its draft code on corporate governance to the public for comments before the May 19 public hearing was postponed.
The draft, says the FRC was in three parts: Private, Public and Non profit corporate governance. However Henates attempt to access it on the site was not successful.
The FRC replaced erstwhile Nigerian Accounting Standards Board (NASB) in 2011 through Act no 6 of that year that abolished NASB and replaced it with FRC with more teeth to ensure compliance.
Its main thrust since then has been fast tracking International Financial Reporting Standards (IFRS) in Nigeria.
Various exposure drafts issued by the International Federation of Accountants had in recent past thrown open for comments. The list includes draft of employee benefits on which stakeholders comments closed April 30 and the call for comments on report under the cash basis of accounting which closes June 30.
It has also scheduled a one day executive briefing for CEOs, audit committee members and directors that will feature, amongst others, overview of IFRS, issues organisations encounter and insights into FRC working and operations.
For many corporate organisations in Nigeria meeting the IFRS standards since FRC started insisting on it since 2012 has been quite a challenge.
The most recent is the FRC's right insistence that no matter where reporting companies operate in, so long as the report is for Nigerian statutory requirements, the presentation currency must be the Naira.
For companies that do business or have subsidiaries across Africa and other parts of the world, this has since thrown up challenges that made it impossible for them to publish 2015 annual reports to schedule. The kind of breach which the Securities and Exchange Commission (SEC) frowns at almost too religiously.

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