期刊名称：International Journal of Finance and Accounting
印刷版ISSN：2168-4812
电子版ISSN：2168-4820
出版年度：2016
卷号：5
期号：3
页码：146-157
DOI：10.5923/j.ijfa.20160503.02
语种：English
出版社：Scientific & Academic Publishing Co.
摘要：Following the spate of financial scandals and the global financial crises implicating accountants and accounting practice, the global accounting community responded through the International Financial Reporting Standards (IFRS) and the Financial Accounting Standards Board (FASB in the USA) by substantially raising the levels of ethical and reporting conduct. Correspondingly, there has been a raft of national corporate governance initiatives and legislations designed to evolve efficient professional accounting practice, especially in processing of financial information and related financial reports. This is the contextual genesis of the Financial Reporting Council (FRC) Act No. 6 of 2011. In effect, the Act was Nigeria’s response to this global concern with the aim of providing a comparative institutional governance mechanism to address the challenges that prospectively define the future of accounting profession in Nigeria. The Act marked the end of voluntary self-regulation of professional accountancy bodies and the beginning of formal, mandatory oversight under the ambit of the Financial Reporting Council. The FRC Act was designed to reshape the Nigerian accounting profession and practice through the trichotomy of regulatory mandate: (a) monitoring professional service areas from the platform of professionalism and legislation, (b) aligning these services with international best practices, and (c) improving investor confidence. Five years after its operational commencement, it is apropos to appraise its efficacy. The operational dynamics of the FRC are already having a significant impact on the Nigerian accounting profession.
