IFRS: FRC to Sanction Firms over Late Reporting

Chief Executive Officer/Executive Secretary, FRC, Mr. Jim Obazee,

Nume Horsfall
The Financial Reporting Council (FRC) has said that under the recently adopted International Financial Reporting Standards (IFRS), late reporting of financial statements by organisations will attract appropriate sanctions.

Chief Executive Officer/Executive Secretary, FRC, Mr. Jim Obazee, said this during a training on IFRS reporting for financial journalists, organised by Skye Bank Plc in Lagos. Obazee was represented by a Senior Manager at the FRC, Mr. Olumuyiwa Ajibade.

He said: “There are a lot of benefits attached to the adoption of the IFRS as it would lead to efficient access to capital for global corporations and also increase the demand for public accountability and transparency by all stakeholders.

“The adoption would also help to provide the ability to understand interaction with strategic initiatives to generate value from synergies as well as bring about reduced cost of financial reporting for global companies.”

Obazee also pointed out that the adoption of IFRS would attract international investors into the country. He maintained that the new accounting standards would also entrench corporate governance in organisations.

He also reiterated that the council was working towards harmonising the code of corporate governance.
Continuing, Obazee said the adoption of the IFRS would improve transparency, accountability and comparability and also ensure that the country enjoys favourable ratings in the global market.

He added: “One of the things FRC does is education and enlightenment through seminars and free lectures where we go around enlightening people on IFRS on financial reporting and corporate governance.”